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.