sale of old coin more then 100 year to outside of india
5 years ago
i have a old coin which is more then 100 year's and one usa citizen want to buy it and redy to pay through bank transfer can i do this is it legal or not ?
A.Dear Client,
All coins and notes that are more than 100 years old cannot be sold to/taken out of India
Have you inherited, collected or are in possession of any books, statues, coins, manuscripts, sculptures etc.? Because if you have, then there are some compliance obligations upon you under law before you can 'lawfully' own the same and/or deal with them.
Antiquities (identified as 'antiques' in common parlance) in India are governed by The Antiquities and Art Treasures Act, 1972 (hereinafter referred to as the "Act") read with The Antiquities and Art Treasures Rules, 1973 (hereinafter referred to as the "Rules") which falls within the purview of the Archaeological Survey of India ("ASI"), Ministry of Culture.
The Act was brought into force with effect from 5th April, 1976 in order to regulate the export trade in antiquities and art treasures, and to provide for the prevention of smuggling of, and fraudulent dealings in, antiquities, to provide for the compulsory acquisition of antiquities and art treasures for preservation in public places and to provide for certain other matters connected therewith or incidental or ancillary thereto.
2. (1) (a) "antiquity" includes
(I) (i) any coin, sculpture, painting epigraph or other work of art or craftsmanship;
Violation of this will land you in trouble.
Shanti Ranjan Behera
Advocate
All coins and notes that are more than 100 years old cannot be sold to/taken out of India
Have you inherited, collected or are in possession of any books, statues, coins, manuscripts, sculptures etc.? Because if you have, then there are some compliance obligations upon you under law before you can 'lawfully' own the same and/or deal with them.
Antiquities (identified as 'antiques' in common parlance) in India are governed by The Antiquities and Art Treasures Act, 1972 (hereinafter referred to as the "Act") read with The Antiquities and Art Treasures Rules, 1973 (hereinafter referred to as the "Rules") which falls within the purview of the Archaeological Survey of India ("ASI"), Ministry of Culture.
The Act was brought into force with effect from 5th April, 1976 in order to regulate the export trade in antiquities and art treasures, and to provide for the prevention of smuggling of, and fraudulent dealings in, antiquities, to provide for the compulsory acquisition of antiquities and art treasures for preservation in public places and to provide for certain other matters connected therewith or incidental or ancillary thereto.
2. (1) (a) "antiquity" includes
(I) (i) any coin, sculpture, painting epigraph or other work of art or craftsmanship;
Violation of this will land you in trouble.
Shanti Ranjan Behera
Advocate
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A.It is a antique. All coins and notes that are more than 100 years old cannot be sold to/taken out of India. However, ypu can trade them within India.
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Rameshwar Dadhe
Responded 5 years ago
A.U can't sale it . Because it is our country currency
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