Recital 4

(4)To assess the presence of currency controls for each of the currencies concerned, as required by Article 18a(1), point (a), of Regulation (EU) 2016/1011, the Commission relied on the information provided in the Annual Report on Exchange Arrangements and Exchange Restrictions 2023 published by the International Monetary Fund on 19 December 2024 ⁵ , and additional evidence submitted by respondents to the public consultation. That information and evidence point to the fact that (i) the Indian 1999 Foreign Exchange Management Act was enacted to govern the flow of foreign exchange across Indian borders and, inter alia, restricts the ability of Indian residents to hold foreign exchange outside India; (ii) restrictions apply to making payments from the Republic of Korea to a foreign country or to non-residents, with a possibility for the Ministry of Economy and Finance to impose an obligation to obtain permission; (iii) limitations exist for the conversion of new Taiwan dollar (TWD), where it is not possible to remit the TWD outside Taiwan without converting it into a foreign currency; and (iv) restrictions apply to the use of the Philippine peso (‘PHP’) for international payments, with amounts in excess of PHP 50 000 requiring a prior written authorisation from the central bank of the Republic of the Philippines (the ‘Bangko Sentral ng Pilipinas’).