Thursday, February 18, 2010

Restricted Currency

I had never heard of the term "restricted currency" before today. Indian Rupees are considered restricted currency which means that India limits the amount of local currency that can be imported or exported. The import of Rs into India is prohibited. Supposedly, the Reserve Bank of India has permitted import by any person currency notes except notes of above Rs.100, and from other countries by Indian travelers, Rs of up to Rs.5000 (about $110 USD) per resident as long as the amount to be brought back to India had been taken out earlier before temporarily traveling abroad.

I'm not sure if what I just typed makes sense but now I have a headache.

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