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Coins and notes collection in india
29-Oct-2023 (In Customs & Central Excise Law)
Is collecting of old coins ( mainly of British India and east india company ) legal in india ? Are there any laws one should be aware of while making a collection?
Yes, Collection of Old Coins as a Hobby or to launch a Museum or to keep such coins in a Well flourished Museum is legal in India.
There are no laws relating to collection of coins which I have come across. However, there is a cap on keeping Old 500 & 1000 Rs Currency Notes after Demonetisation to pursue your Hobby of Old-Notes Collection or to keep such old notes in your museum. If you exceed beyond such cap while collecting old currency Notes of Rs 500 & Rs 1000 that is of period before Demonetisation, you have to pay penalty.
There are no laws relating to collection of coins which I have come across. However, there is a cap on keeping Old 500 & 1000 Rs Currency Notes after Demonetisation to pursue your Hobby of Old-Notes Collection or to keep such old notes in your museum. If you exceed beyond such cap while collecting old currency Notes of Rs 500 & Rs 1000 that is of period before Demonetisation, you have to pay penalty.
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Adv. Pankaj Bajaj
Mumbai | 500+ Answers
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if it related to collection purpose then there is no harm however if you want to exchange in consideration of currency either in Indian rupees or foreign currency then you have to follow FEMA norms...refer the same and then deal, if you wish to
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Adv. Vidyadhar Apte
Pune | 25+ Answers
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