September 6, 2013 1:12 PM

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Follow Indian law on rupee limits while on India travel: UAE Central Bank advisory

The UAE Central Bank has issued advisory to the banks and money exchanges in the country to stick to the limits prescribed by the Indian laws regarding the Indian currency to be carried by those travelling to India. It has also warned that in case of non-compliance, penalties including prosecution, confiscation of the money and imprisonment will be enforced. Our West Asia correspondent reports that the UAE Central Bank, in a letter to all the banks and exchange centers has instructed that all people travelling to India must adhere to the rules, which ban foreigners from taking rupees to India and allows only the Indians to carry a maximum Rs7,500. As per the notification issued under the Customs and Excise rules, only those people who are residents of India can bring back Indian currency, up to the ceiling of Rs7,500 when returning to India. In all other cases of foreigners, and even those Indian nationals who are not residents of India/ Non-Resident Indians NRIs, it is prohibited under Indian law to either take any amount of Indian currency from India or to bring it into India. The move comes close on the heels of counterfeit rupee being seized in UAE and also in Oman. Indian Embassy in Abu Dhabi and Muscat have already used instructions to this effect.

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