In exercise of the powers conferred by Section 6(3)(g) and Section 47(2) of the Foreign Exchange Management Act, 1999, the Reserve Bank of India made amendments to the Foreign Exchange Management (Export and Import of Currency) Regulations, 2000 by an amendment called Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2014 dated 4th June, 2014. Amendment to Regulation 3(1); has been made according to which any person who is a resident of India should not take outside or bring back to India(except Nepal or Bhutan) currency notes of amount exceeding Rs. 25000 per person. Also, Regulation 3(1A) has been added according to which any person resident outside India (except a citizen of Pakistan or Bangladesh) who is visiting India should not bring into or take outside India currency notes of amount exceeding Rs. 25000 per person.
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