Notification No. 32 (RE-2003)/2002-2007, dated February 6, 2004, amends the ITC (HS) Classification of Export and Import Items, 2002-07, specifically related to the import of bank notes. Under this amendment, the import of bank notes is classified as restricted. However, banks and dealers authorized by the Reserve Bank of India (RBI) are exempted from needing a license from the Directorate General of Foreign Trade (DGFT), provided they comply with RBI regulations. This policy update ensures that only authorized entities can import bank notes while adhering to the conditions specified by RBI.
GOVERNMENT OF INDIA
MINISTRY OF COMMERCE AND INDUSTRY
DEPARTMENT OF COMMERCE
NOTIFICATION NO. 32 (RE-2003)/2002-2007
NEW DELHI, Dated 6th February, 2004
S.O. (E) – In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No.22 of 1992) read with Paragraph 2.1 of the Export and Import Policy – 2002-07, as amended from time to time, the Central Government hereby amends the ITC (HS) Classification of Export and Import Items, 2002-07 as under:
| Exim Code | Item Description | Policy | Condition relating to the policy |
| 49070020 | Bank notes | Restricted | Import by banks and dealers authorized by RBI will not require a licence by DGFT. Other condition of RBI will apply. |
This issues in public interest.
(L.MANSINGH)
Director General of Foreign Trade and
ex-officio Additional Secretary to the Government of India
Copy to all concerned.
