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RBI has amended Foreign Exchange Management (Export and Import of Currency) Regulations, 2015

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The Reserve Bank of India has issued the Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2020 to further amend the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015

 

A new Regulation 9 has been inserted through this amendment under the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.

 

The Regulation 9 has been inserted which specifies the Reserve Bank’s power to permit import or export of foreign currency.

 

Accordingly, notwithstanding anything contained in these regulations, the Reserve Bank may, on an application made to it and on being satisfied that it is necessary to do so, allow any person to take or send out of India to any country or bring into India from any country currency notes of Government of India and /or of Reserve Bank of India subject to such terms and conditions as the Reserve Bank may stipulate.

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