UAE Central Bank issued Advisory Regarding the Indian Currency

Sep 6, 2013 16:55 IST

The UAE Central Bank on 6 September 2013 issued an advisory to the banks and money exchanges in the country to stick to the limits prescribed by the Indian laws regarding the Indian currency to be carried by those travelling to India. It has also warned that in case of non-compliance, penalties including prosecution, confiscation of the money and imprisonment will be enforced.

As per the notification issued under the Customs and Excise act only those people who are residents of India can bring back Indian currency, up to the ceiling of 7500 rupees when returning to India.

In case of foreigners, and even those Indian nationals who are not residents of India/ Non-Resident Indians NRIs, it is prohibited under Indian law to either take any amount of Indian currency from India or to bring it into India. The move comes close on the heels of counterfeit rupee being seized in UAE and also in Oman.

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