Foreign Exchange Management (Export and Import of Currency) (Second Amendment) Regulations, 2020 - FEMA 6 (R)/ (3)/2020-RB

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<h1>RBI's New Regulation 10 Empowers Currency Export/Import Restrictions in Public Interest, Modifies 2015 Rules.</h1> The Reserve Bank of India issued the Foreign Exchange Management (Export and Import of Currency) (Second Amendment) Regulations, 2020, effective from its publication date. This amendment introduces Regulation 10, granting the Reserve Bank authority to restrict the export or import of Indian and foreign currency in consultation with the Central Government. These restrictions can be applied on a case-by-case basis in the public interest, allowing the Reserve Bank to impose necessary conditions. This amendment modifies the 2015 regulations, which have been previously updated in 2019 and August 2020.

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