Author Topic: Definition of currency  (Read 410 times)

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Offline Pabitra

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Re: Definition of currency
« Reply #15 on: November 03, 2018, 04:41:02 AM »
Coin is a much generalised term. When you specifically said pound in your earlier comment, you meant currency. Sending currency by post is illegal, and all members of UPU have this rule. There is no issue in sending coins that are not currency.


I have my reservations about restrictions on sending coins by post.

I asked my friend to check in Post Office.

The attached notice does not mention any such prohibitions.

Your idea may be stacks of currency notes as the prohibited items but on that too, the notice is silent.

Offline Rabi_R

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Re: Definition of currency
« Reply #16 on: November 03, 2018, 05:28:06 AM »
A link to the complete list of prohibited articles is attached below -

https://www.indiapost.gov.in/MBE/DOP_PDFFiles/General_Information.pdf

Refer to Article 15, Clause 6 at page VII

As far as domestic postal service is concerned, why does India Post have services like Money Order and Postal Order that costs more than a registered letter?

Offline FosseWay

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Re: Definition of currency
« Reply #17 on: November 03, 2018, 09:33:58 AM »
Sending currency by post is illegal, and all members of UPU have this rule.

I have no idea what the rules in India are, but this statement is wrong. In the UK, for example, it is entirely permissible to send currently legal money through the post. This is implicit in the Royal Mail's advice that people should not send cash through the post without taking extra precautions (notes for security reasons and coins because if in a standard envelope they can damage/get jammed in the sorting equipment). The extra precautions may include sending by special delivery or packing in a jiffy bag or similar, depending on what the problem is. But if it were illegal to send currency in the UK, the Royal Mail would just say so and not suggest other workarounds.

I've also got round the problem of how to transmit small sums of money to other countries without incurring huge transaction charges by sending banknotes - usually US dollars sent to the US. Again, I'm not aware the USPS has a problem with this.

Offline Abhay

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Re: Definition of currency
« Reply #18 on: November 03, 2018, 10:21:44 AM »
A link to the complete list of prohibited articles is attached below -

https://www.indiapost.gov.in/MBE/DOP_PDFFiles/General_Information.pdf

Refer to Article 15, Clause 6 at page VII

As far as domestic postal service is concerned, why does India Post have services like Money Order and Postal Order that costs more than a registered letter?

Article 15, Clause 6 at page VII merely specifies that it is prohibited to send coins, currency etc. in UNINSURED parcel. Nowhere it says that you cannot send the coins through post. Everyday, coins are being sent to collectors through Speedpost without any problem.

Abhay
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Offline Rabi_R

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Re: Definition of currency
« Reply #19 on: November 03, 2018, 10:38:34 AM »
.......without any problem.

Abhay

Problem and legal are two different words. I may very well bend the law and do something and while doing that, i may not face any problem. Not a big deal.

Offline Pabitra

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Re: Definition of currency
« Reply #20 on: November 03, 2018, 01:55:12 PM »
In case such items are prohibited then there is provision for seizure and not imposition of customs duty.
The fact that Customs Duty is imposed, this in itself is indicative of permission to get the items through postal service.

Offline Rabi_R

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Re: Definition of currency
« Reply #21 on: November 03, 2018, 02:55:26 PM »
Agree. But how to be sure the content actually was currency? I have expressed my doubt in a response above.

This is how i understand the matter - Customs checks parcels at random and probability of a parcel containing currency, to get through, is not low. If such a parcel happens to be checked, it is bound to be seized. If not, then customs have decided the content is not currency.


Edit :  I am the last man to believe customs of a country will impose duty on the currency of another country with which it has diplomatic ties.

Edit 2 : If you remember the photos posted by @Velind,  "Photos" is mentioned as content.
« Last Edit: November 03, 2018, 03:08:32 PM by Rabi_R »

Offline Pabitra

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Re: Definition of currency
« Reply #22 on: November 03, 2018, 06:52:16 PM »
Agree. But how to be sure the content actually was currency? I have expressed my doubt in a response above.

Edit 2 : If you remember the photos posted by @Velind,  "Photos" is mentioned as content.

Are you referring to this?
http://www.worldofcoins.eu/forum/index.php/topic,42031.msg276173.html#msg276173

This shows declaration to be "Numismatic Items". Numismatic generally means either coins or currency notes. They could be current or old ( no longer tender). In case of old, I do not think that a customs appraiser would be qualified to assess the value on the spot.

I have had the experience of carrying painting to Dubai and custom's be-wilderness.
My dealer friend, who was carrying 40 kilos of Egyptian coins, could save considerable custom's duty when he could show my book to Customs in Jordan and get assessment revised from Copper to Copper plated steel coins. As per my advice, he now carries a magnet to show steel plated coins.

Strange are the ways of Customs and it is same story everywhere. Similar incidents could be in judiciary too. I believe all swapping by Numista and other international clubs is done by post so it is clear that sending coins is not prohibited by law.


Offline Rabi_R

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Re: Definition of currency
« Reply #23 on: November 03, 2018, 07:20:55 PM »

This shows declaration to be "Numismatic Items".


I am referring to the assessment form. That shows the content as ''photo". So customs declares the content as "photo" and that's important for this discussion, not what the sender has declared.

Quote
I believe all swapping by Numista and other international clubs is done by post so it is clear that sending coins is not prohibited by law.

Sending coins is not, sending currency is. I have explained above how currencies get through.

The very idea that currencies of foreign countries can be taxed, duty can be imposed on those just like in the case of any other product, is wrong. A currency, of any recognised nation of the world, is not a product. A currency can be earned and spent but cannot be bought and sold.

« Last Edit: November 04, 2018, 02:56:34 AM by Rabi_R »

Offline Pabitra

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Re: Definition of currency
« Reply #24 on: November 04, 2018, 11:09:09 AM »
I am referring to the assessment form. That shows the content as ''photo". So customs declares the content as "photo" and that's important for this discussion, not what the sender has declared.

I have not been able to think of any "photo" whose value will be assessed as 24 USD, under normal circumstances

Offline Rabi_R

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Re: Definition of currency
« Reply #25 on: November 04, 2018, 11:12:39 AM »
Google Andreas Gursky.......

Offline Pabitra

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Re: Definition of currency
« Reply #26 on: November 04, 2018, 11:14:31 AM »
The very idea that currencies of foreign countries can be taxed, duty can be imposed on those just like in the case of any other product, is wrong. A currency, of any recognised nation of the world, is not a product. A currency can be earned and spent but cannot be bought and sold.

I once ordered from Belgium, three rolls of 2 Euro commemorative coins of Luxembourg from the Central Bank of Luxembourg.
Apart from face value of coins and postage, I also had to pay a VAT.
I was told that if I could drive down to the bank and collect the same, I would have saved the VAT.

In other words, each nation has its own rules and laws. Logic/ Common sense or internationally accepted norms may not apply everywhere.

Offline Rabi_R

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Re: Definition of currency
« Reply #27 on: November 04, 2018, 11:25:17 AM »
Right now i have checked their website. The products they are selling is no different from mint sets, in fact they are calling those  "numismatic product". And by driving down to the counter, you could have saved the vat.....i don't know who said this to you......this is the most bizarre thing i have heard.

Offline Bimat

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Definition of currency
« Reply #28 on: November 04, 2018, 12:02:56 PM »
I once ordered from Belgium, three rolls of 2 Euro commemorative coins of Luxembourg from the Central Bank of Luxembourg.
Apart from face value of coins and postage, I also had to pay a VAT.
I was told that if I could drive down to the bank and collect the same, I would have saved the VAT.

In fact it's other way round: If you give them a non EU address to ship your coins to, you are not required to pay the VAT. This applies to other mints as well.

Aditya
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