Bank notes

Bank notes, currency notes imported under RBI authority

DGFT CLEARANCE

HSN 4907 00 20 (Bank notes) is classified as Restricted under the ITC (HS) import policy administered by the Directorate General of Foreign Trade (DGFT). Import is permitted without a DGFT licence only for banks and dealers authorised by the Reserve Bank of India (RBI); all other importers require a DGFT licence, and RBI's own conditions apply in every case.

What this is

HSN code

4907 00 20

Chapter

49 · Printed books, newspapers, pictures and other products of the printing industry; manuscripts

Primary regulator

DGFT · ITC (HS) Restricted import policy, Chapter 49

Customs documentation

RBI authorisation from Reserve Bank of India
Import Licence from DGFT

Compliance steps

1
Determine the applicable import pathway before filing the bill of entry. If the importer is a bank or dealer holding current RBI authorisation, no DGFT licence is required; produce the RBI authorisation at the bill of entry. All other importers must hold and present a valid DGFT licence covering the restricted CTI 4907 00 20.
ITC (HS) Import Policy, Chapter 49 — Restricted import condition for bank notes; RBI authorisation carve-out
2
Confirm compliance with all RBI conditions applicable to the import of bank notes, including any stipulations on quantity, counterparty, and end-use. RBI conditions operate independently of the DGFT policy framework and must be satisfied regardless of which import pathway is used.
ITC (HS) Import Policy, Chapter 49 — RBI conditions applicable to authorised banks and dealers

A word of counsel

The most common error on this tariff line is assuming that RBI authorisation alone dispenses with all customs-clearance obligations. The RBI carve-out eliminates the DGFT licence requirement for authorised banks and dealers, but it does not override Customs Act scrutiny of the consignment at the bill-of-entry stage; consignments arriving without documentary evidence of current RBI authorisation are treated as Restricted-import violations and are liable to detention and confiscation pending regularisation.

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Frequently asked

Does HSN 4907 00 20 require BIS certification?

No. Bank notes fall entirely outside the BIS Quality Control Order regime. Import of this tariff line is governed by the Restricted-import policy under the ITC (HS) Schedule administered by the Directorate General of Foreign Trade, with an RBI-authorisation carve-out for licensed banks and dealers.

Can any importer bring in bank notes without a DGFT licence?

Only banks and dealers that hold a current authorisation from the Reserve Bank of India are exempt from the DGFT licence requirement; all other importers must obtain a DGFT licence before the consignment is cleared.

What happens if an importer who is neither an RBI-authorised bank nor a licensed DGFT holder attempts to import bank notes?

The consignment is liable to seizure and confiscation as a Restricted-import violation under the ITC (HS) policy, with potential monetary penalty and prosecution under the Customs Act, 1962.

Last verified against gazette notifications: 2026-05-16. Source: DGFT / Indian Customs CUSDATA.