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Corporate Laws Central Ministry of Finance Foreign Exchange Management Act, 1999

Foreign Exchange Management (Export and Import of Currency) (Second Amendment) Regulations, 2020

03-Dec-2020 | No. FEMA 6 (R)/ (3)/2020-RB

In the Principal Regulations( Foreign Exchange Management (Export and Import of Currency) Regulations, 2015, after Regulation 9, the following new regulation has been inserted, namely, -

"Reserve Bank's power to restrict export or import of currency: Notwithstanding anything contained in said regulation, the Reserve Bank, may, in the public interest and in consultation with the Central Government, restrict the amount of Indian currency notes of Government of India and/or of Reserve Bank, and/or foreign currency, on case-to-case basis, that a person may bring into or take outside India and prescribe such conditions as it may deem necessary.

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