Debit Cards, ATM card is currency - INR Rs.25,000/- per person is what you can take out of India
IT'S Circular time. The Reserve Bank of India, yesterday, came out with a flurry of Circulars, all aimed at further liberalisation and a bit of regulation. Take a look.
Sr. no. | Circular no. | Description & short synopsis |
|---|---|---|
1 | 41/RBI., Dated: February 04, 2016 | Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR + Rupee value of the Special Currency Basket revised. |
2 | 42/RBI., Dated: February 04, 2016 | Settlement of Export/ Import transactions in currencies not having a direct exchange rate + Further liberalisation of the procedure to facilitate settlement of export and import transactions. |
3 | 43/RBI., Dated: February 04, 2016 | Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations, 2015 + In terms of these Regulations, acquisition or transfer of any immovable property outside India by a person resident in India would require prior approval of Reserve Bank except in the certain cases. |
4 | 44/RBI., Dated: February 4, 2016 | Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015 + These regulations seek to regulate opening and maintenance of foreign currency accounts in and outside India by a person resident in India. + A "Foreign Currency Account" means an account held or maintained in currency other than the currency of India or Nepal or Bhutan. |
5 | 45/RBI., Dated: February 04, 2016 | Foreign Exchange Management (Export and Import of Currency) Regulations, 2015 + Export and import of Indian currency and currency notes + May take outside India (other than to Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person. + Import of Foreign Exchange into India + Export of Foreign Exchange and Currency Notes + Export and Import of currency to or from Nepal and Bhutan + No person shall take or send out of India the Indian coins which are covered by the Antique and Art Treasure Act, 1972. |
6 | 46/RBI., Dated: February 04, 2016 | Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2015 + Duty of persons to realise foreign exchange due + Manner of Repatriation + Period for surrender of realised foreign exchange + Period for surrender of received/realised/unspent/unused foreign exchange by Resident individuals + Nothing in these regulations shall apply to foreign exchange in the form of currency of Nepal or Bhutan. |
7 | 47/RBI., Dated: February 04, 2016 | Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015 + Limits laid down for possession or retention of foreign currency or foreign coins. + A person resident in India but not permanently resident therein may possess without limit foreign currency in the form of currency notes, bank notes and travellers cheques, if such foreign currency was acquired, held or owned by him when he was resident outside India and, has been brought into India in accordance with the regulations made under the Act. |
8 | 48/RBI., Dated: February 04, 2016 | Definition of "Currency", 2015 + Debit cards, ATM cards or any other instrument which can be used to create a financial liability may be defined as currency. |
9 | 49/RBI., Dated: February 04, 2016 | Post Office (Postal Orders/Money Orders), 2015 + General permission has been given to any person to buy foreign exchange from any post office in India in the form of postal order or money order. |
The Budget has to be viewed as a package, always -RBI Governor