What changed
The earlier limit of Rs 7,500 per person for taking or bringing Indian currency notes (excluding Nepal/Bhutan) has been raised to Rs 10,000 per person. This change was formalised through an amendment to FEMA regulations in February 2013, notified in July 2013, and communicated via this circular.
What it means for you
Banks and authorised dealers must update their internal limits and customer advisories for cash transactions related to travel. This provides greater flexibility for resident individuals, but banks should ensure compliance with all other applicable laws and reporting requirements.
What you must do
- Update internal systems and teller limits to reflect the new Rs 10,000 per person cash carry limit.
- Inform customers and foreign counterparties about the enhanced limit through notices and advisories.
- Ensure that any cash transactions above the previous limit are processed without unnecessary delays, while still adhering to FEMA and other regulatory checks.
Who it affects
Category-I Authorised Dealer Banks, Resident individuals travelling abroad (excluding Nepal/Bhutan), Foreign counterparties dealing with Indian currency
Does the new Rs 10,000 limit apply to travel to Nepal and Bhutan?
No, the circular explicitly excludes travel to and from Nepal and Bhutan. The limit applies only to other destinations.
When did this limit increase take effect?
The amendment was made via Notification No. FEMA.258/2013-RB dated February 15, 2013, and notified on July 12, 2013. The circular was issued on September 6, 2013, so banks should have implemented it from that date.