The Reserve Bank of India (RBI) notified the Foreign Exchange Management (Export and Import of Currency) (Second Amendment) Regulations, 2020 which seeks to amend the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.
The RBI is empowered under Section 47(2) of the Foreign Exchange Management Act, 1999 inserted Regulation 10 in the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.
Regulation 10 is inserted with regards to the Reserve Bank’s power to restrict export or import of currency which says, “notwithstanding anything contained in these regulations, the Reserve Bank, may, in 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 a 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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