custom asking for invoice

[dilip5555]

i have purchase some bank note from usa and it is held by coustam i want to know
is import of forigen currency in india is ban?
custom asked me for invoice and reason for import
what can i do please guide ?

[kunalshree]

hi there,

you should have considered the customs and more importantly the FEMA (Foreign Exchange Management Act) before the purchase. since you've already purchased and the notes are with custom, you will have to provide the invoice as you say it is a purchase. the custom officer will assess and charge duties based on the HS code (you can google for it) also, if required - you may have to get necessary permission from RBI.

thanks,

Kunal

[real.phoenix]

Hi dilip5555,

Notes in circulation cannot be imported. It is illegal. However, if the notes are - 1) Defective 2) Commemorative or 3) Old and out of circulation, then you can prove that it is for collection purpose. In this case, the custom duty would be applicable as per the invoice amount based on the HS codes. You can ask the seller to send a PayPal invoice and present it to the custom office for the verification purpose. In most of the cases, there is no duty on collectible notes.

Kind Regards,
MB