The Central Bank of the UAE has announced a new regulation regarding the bringing of Indian currency (IR) and other foreign currencies in India
The Central Bank of the UAE has announced that as per the new law implemented by the Indian Central Board of Excise and Customs (CBEC) on 22 May 2013:
- Foreign travelers to India are strictly prohibited from bringing cash in the form of Indian currency (IR) into India
- Indian Nationals are permitted to bring in cash not exceeding IR 7,500
- All travelers to India are required to declare all cash in foreign currencies that they might be bringing into India, including the UAE dirham, as follows:
a. Where the value of the cash in foreign currency exceeds USD 5,000
b. Where the aggregate value of all foreign currencies in the form of currency notes, financial instruments, traveller cheques etc. is equal to or exceeds USD 10,000
Failure to comply might result in penalties that include confiscation of money, prosecution and imprisonment.
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF's key shareholders include the Government of Fujairah, Easa Saleh Al Gurg Company LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 by Moody's and BBB+ / A-2 by Standard & Poor's, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol "NBF". It has a branch network of 15 across the UAE.
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