Dubai: The UAE Central Bank has asked banks and money exchange houses in the country to advise their NRI (non-resident Indian) customers against carrying rupees while travelling to India.
In an advisory, the bank also asked financial institutions to make their customers aware of the consequences of not abiding by the law..
The Indian embassy in Abu Dhabi has also issued a similar advisory requesting non-resident Indians staying in the United Arab Emirates (UAE) not to carry Indian currency notes when they visit their homeland.
Under Indian law, foreigners travelling to India are prohibited from carrying Indian currency while Indians can only bring in Rs.7,500.
Implementing a new law, the Central Board of Excise and Customs (CBEC) of India in May this year barred foreigners from bringing in Indian currency to India.
According to Indian law, foreigners have to make declaration of foreign currency before custom officials when the value exceeds US$5,000.
According to the Indian embassy in the UAE, many people bring huge Indian currency with them while visiting India because they don’t know the restrictions.
“In some cases, the currency being carried by NRIs has even been found to be counterfeit,” an Indian embassy official said.
However, NRIs and foreign nationals can exchange the UAE dirham or any other foreign currency with rupees on arrival.