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A.Dear Client,
Except as otherwise provided in the Regulations, no person shall, without the general or special permission of the Reserve Bank, import or bring into India, any foreign currency. Import of foreign currency, including cheques, is governed by clause (g) of sub-section (3) of Section 6 of the Foreign Exchange Management Act, 1999(FEMA), and the Foreign Exchange Management (Export and Import of Currency) Regulations 2000, made by Reserve Bank vide Notification No. FEMA 6/2000-RB dated May 3, 2000, as amended from time to time. So, in the absence of permission from a regulatory body, if you import foreign currency and it is detected in the course of customs clearance, you would face criminal prosecution including a fine under the Customs Act, Whenever the goods are confiscated by an adjudicating authority, if these are not prohibited goods, an option is to be given to the party as per Section 125 of the Customs Act, 1962 to pay a fine known as a ‘redemption fine’ of quantum as the adjudicating authority deems fit, in place of the confiscation and that gives you the option to pay the fine and take the goods and the confiscated items. So, by paying the fine you can take all those items including the foreign currency.
Except as otherwise provided in the Regulations, no person shall, without the general or special permission of the Reserve Bank, import or bring into India, any foreign currency. Import of foreign currency, including cheques, is governed by clause (g) of sub-section (3) of Section 6 of the Foreign Exchange Management Act, 1999(FEMA), and the Foreign Exchange Management (Export and Import of Currency) Regulations 2000, made by Reserve Bank vide Notification No. FEMA 6/2000-RB dated May 3, 2000, as amended from time to time. So, in the absence of permission from a regulatory body, if you import foreign currency and it is detected in the course of customs clearance, you would face criminal prosecution including a fine under the Customs Act, Whenever the goods are confiscated by an adjudicating authority, if these are not prohibited goods, an option is to be given to the party as per Section 125 of the Customs Act, 1962 to pay a fine known as a ‘redemption fine’ of quantum as the adjudicating authority deems fit, in place of the confiscation and that gives you the option to pay the fine and take the goods and the confiscated items. So, by paying the fine you can take all those items including the foreign currency.
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A.Dear Client,
If undeclared foreign currency is found in your parcel, it can lead to serious legal implications under Indian law. The Customs Act, 1962, governs the import and export of goods, including currency. Importing or exporting foreign currency without proper declaration or authorization is illegal and can result in penalties, fines, or even criminal charges. It's important to cooperate fully with customs officials if such a situation arises, providing truthful information about the contents of the parcel.
If undeclared foreign currency is found in your parcel, it can lead to serious legal implications under Indian law. The Customs Act, 1962, governs the import and export of goods, including currency. Importing or exporting foreign currency without proper declaration or authorization is illegal and can result in penalties, fines, or even criminal charges. It's important to cooperate fully with customs officials if such a situation arises, providing truthful information about the contents of the parcel.
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