The Reserve Bank of India (RBI) has notified amendments to the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.
The amendments have been brought about by omitting the proviso in Regulation 3(1) which deals with import or export of currency in India.
It has also added a new clause which permits RBI to be in control of the same; only on an application made to it and on being satisfied that it is necessary to do so will the RBI 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. It will also be subject to such terms and conditions as the Reserve Bank may stipulate.
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