QUESTION

Explain the procedure for export of old Indian Currency Notes, (NOT IN USE) Coins of various denomination and old postal stamps at the earliest. Can these products be exported by Post ? Whether any permission is required from any Govt. Agency.

ANSWER

FACTS OF THE CASE:

Procedure for export of old Indian Currency Notes (Not in use) Coins of various denominations and old postal stamps.

LAW APPLICABLE:

Currency is defined in Section 2 - Definitions of FEMA Act, 1999 as follows:
(h) "currency" includes all currency notes, postal notes, postal orders, money orders, cheques, drafts, travelers cheques, letters of credit, bills of exchange and promissory notes, credit cards or such other similar instruments, as may be notified by the Reserve Bank;

(i) "currency notes" means and includes cash in the form of coins and bank notes

Notification No. FEMA 6 (R)/RB-2015

3. Export and Import of Indian currency and currency notes :-

(1) Save as otherwise provided in these regulations, any person resident in India,

may take outside India (other than to Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25000/- (Rupees Twenty Five Thousand Only) per person or such amount and subject to such conditions as notified by Reserve Bank of India from time to time;

may take or send outside India (other than to Nepal and Bhutan) commemorative coins not exceeding two coins each.

Explanation: 'Commemorative Coin' includes coin issued by Government of India Mint to commemorate any specific occasion or event and expressed in Indian currency.-----------------------------

4. Prohibition on Export of Indian coins:-

No person shall take or send out of India the Indian coins which are covered by the Antique and Art Treasure Act, 1972.

INTERPRETATION:

As per the definition given in FEMA Act, 1999, currency notes includes bank notes and coins.

Fema Regulation 6 regarding "Foreign Exchange Management (Export and Import of Currency) Regulations, 2015" vide clause 3 provides that a person resident in India may take outside India notes up to an amount of Rs.25000/- per person or such amount and subject to such conditions as notified by RBI from time to time.

However, clause 4 prohibits Export of Indian coins which are covered by the Antique and Art Treasure Act, 1972.

CONCLUSION:

In view of above there is no specific restriction on export of old Indian Currency Notes (Not in use) Coins, however, you are required to check whether the currency you are exporting falls within any of the above regulations i.e. in regulation clause 3 or 4 then it cannot be exported subject to the conditions specified by RBI otherwise they can be exported without any permission. (Reply dt. 27/04/2022)