Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: Central Excise rule to resale the machines to a new company :: TDS :: ACCOUNTING STANDARD :: VAT Audit :: list of goods taxed at 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ACCOUNTING STANDARDS :: articles on VAT and GST in India
 
 
Latest Circulars »
 A Bank Should Be Something One Can “Bank” Upon (Dr. Viral V Acharya, Deputy Governor - April 28, 2017 - FICCI FLO Mumbai Chapter1)
 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002- Section 3 (1) (b) - Requirement of Net Owned Fund (NOF) for Asset Reconstruction Companies
 Exim Bank's Government of India supported Line of Credit of USD 52.30 million to the Government of the Republic of Mauritius
 RBI-Formation of a new district in the State of Haryana - Assignment of Lead Bank Responsibility
 RBI proposes fresh Regulations under Foreign Exchange Management Act, 1999 for Cross Border Mergers: Invites comments from stakeholders
 Decrease in Foreign Investment limit/ceiling under the PIS in Indian Companies from 49% to 47% - M/s Ujjivan Financial Services Limited
 RBI launches the May 2017 Round of Inflation Expectations Survey of Households
  RBI announces auction of a 15-days Government of India Cash Management Bill
 Auction of Government of India Dated Securities April 24, 2017
 RBI- Compliance with Ghosh Committee Recommendations
 RBI announces auction of a 15-days Government of India Cash Management Bill

Customs Circular No.19 / 2010
July, 21st 2010

Circular No.19 / 2010-Customs

F.No.520/23/2010-Cus.VI

Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise & Customs

159-A, North Block,

New Delhi 110001

13th July, 2010

To

All Chief Commissioners of Customs

All Chief Commissioners of Customs (Prev).

All Commissioners of Customs (Airport).

All Commissioners of Customs (Port).

All Commissioners of Customs & Central Excise.

Subject:  Display at Airports / LCS about prohibition of import / export of Indian currency notes of denomination of above Rs.100 in India and in Nepal regarding 

***

Sir / Madam,

As you may be aware, the export and import of currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs.100 in either case) is not allowed to and from Nepal and Bhutan in terms of Notification No. FEMA 6 / RB-2000 dated 3.5.2000 issued under Foreign Exchange Management (Export and Import of Currency) Regulations, 2000 by the Reserve Bank of India. Similarly, the Indian currency notes in the denomination of Rs.1000 and Rs.500 are not permissible for exchange for banking transaction in Nepal in terms of guidelines issued by Ministry of Finance, Government of Nepal and Nepal Rashtra Bank.  In fact, the current legal provisions in Nepal provide that notes of these denominations are liable for seizure and the persons carrying them are to be fined or imprisoned for upto three years.

2. Instances have come to the notice of the Board that many Indian nationals travelling to Nepal by Air or by land routes and carrying Indian currency notes of Rs.500 and Rs.1000 denomination primarily due to ignorance of the law, are not only violating the RBI regulations issued in this regard but also get entangled in legal proceedings for possession of these notes in Nepal, like criminal prosecution along with confiscation of such currency notes. 

3. The matter has been examined in the Board. In order to check such illegal import / export of currency notes of denomination of above Rs.100 and to prevent harassment and avoidable legal issues, it is felt necessary to educate / sensitize the people travelling between Nepal and India through Air or land routes regarding aforementioned legal provisions.  Accordingly, since the import and export of Indian currency notes of denomination of above Rs.100/- (in either case) is prohibited as per Indian law and the use of Indian currency notes of denomination of Rs.500 and Rs.1000 is also prohibited in Nepal, Board hereby desires that at prominent places at the Airports and Land Customs Stations in India from where the passengers depart, to put up a display / notice board mentioning that Import / export of Indian currency notes of the denomination of above Rs.100 from / to Nepal is prohibited and would attract penal provisions.  The use of such currency notes of the denomination of Rs.1000 and Rs.500 is also prohibited in Nepal.  Therefore, these notes are liable to be seized and the persons carrying them are liable to be fined or imprisoned for upto three years in Nepal.

4. The concerned airlines can also be requested to sensitize the passengers at the time of departure by displaying such advisory at their Check-in Counters.  

Yours faithfully,

( R. P. Singh )

Director (Customs)

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions