RBI notifies debit cards, ATM cards etc. which can be used to create a financial liability

NOTIFICATION

Mumbai, the 29th December, 2015

No. FEMA 15 (R)/ 2015 – RB

Definition of “Currency”

G.S.R. 1008(E).—In pursuance of clause (h) of Section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in supersession of Notification No. FEMA 15/ 2000-RB dated May 3, 2000, as amended from time to time, the Reserve Bank notifies debit cards, ATM cards or any other instrument by whatever name called that can be used to create a financial liability, as ‘currency’.

They shall come into force from the date of their publication in the Official Gazette.

[F. No. 1/31/EM-2015]

B. P. KANUNGO,

Principal Chief General Manager