Banks, changers told to abide by rupee limit

The UAE Central Bank has stepped in to ensure compliance with New Delhi’s rules limiting the import of rupee by asking banks and money changers to ensure their clients will abide by such rules before travelling to the Subcontinent.

In a letter to the country’s banks and exchange shops, the Central Bank stressed that all people travelling to India must adhere to the rules, which ban foreigners from taking rupees to India and allowing Indians to carry a maximum Rs7,500.

“You are asked to notify your clients travelling to India about the new rules announced by the Indian government on May 22 and to warn them that authorities there will not tolerate in the enforcement of the penalties stipulated in the new law, including prosecution, confiscation of the money and imprisonment,” the Central Bank said in its letter, carried by the Arabic language daily Alkhaleej.

According to the new law, only Indian residents are allowed to carry up to Rs7,500 in Indian currency per person when travelling abroad or returning to India.

"Only those people who are residents of India can bring back Indian currency, up to the ceiling of Rs7,500 when returning to India. In all other cases of foreigners, and 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 Indian government said in a recent statement.


 

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