The Reserve Bank of India (RBI) has advised all authorised dealers and full-fledged money changers that the 12 legacy currencies from the Euro zone will cease to be legal tender as Euro Bank notes and coins will be put into circulation from January 1, 2002.
The introduction of Euro Bank notes & coins is as per the time table set by the Euro member countries.
The central bank pointed out that as per a notification under the Foreign Exchange Management Act (FEMA) dated 3rd May 2000, a person resident in India may retain foreign currency notes, bank notes and foreign currency travellers