No fresh curbs on NRIs carrying Indian currency: RBI
20 Sep 2013
The Reserve Bank of India (RBI) has clarified that a non-resident is currently not allowed to carry Indian currency notes beyond Indian borders, since the Indian currency is not yet convertible and that the RBI has not imposed any fresh restrictions on currency movements.
In fact, RBI said, its earlier circular, issued on 16 September, had facilitated encashment of rupees into convertible currencies even beyond immigration / customs desk.
This, however, has been misreported in certain sections of the media as a new restriction imposed by the RBI.
RBI said the restrictions regarding non-residents' carrying the rupee beyond borders and airport limits has been in existence since several years and has not been altered in any way.
RBI, however, said this restriction is currently under review.
Earlier, non-residents leaving the Indian shores, had to convert the unspent Indian currency into any convertible currency before the immigration / customs desk and the 16 September circular, in fact, only relaxed that position in some way, RBI pointed out.
RBI said it has been receiving requests to permit Indian currency to be carried into duty free area as well and accordingly facilitate their conversion before boarding the flight by allowing money changing facilities in the duty free/security hold area.
RBI, through the circular has acceded to the request, which is in the nature of further liberalisation of exchange control, the central bank pointed out.
RBI, through an earlier circular, issued on 6 September, has allowed persons resident in India to take outside India or having gone out of India on a temporary visit, to bring into India (other than to and from Nepal and Bhutan) currency notes up to an amount not exceeding Rs10,000 per person against the earlier limit of Rs7,500 per person.
This limit has been enhanced to provide greater flexibility to the residents travelling abroad in meeting their immediate personal expenses like taxi fare, hotel bills, etc on arrival, RBI said.
