This larva is known as the monkey slug. Its frome the hag moth (Phobetron pithecium), is a moth of the family Limacodidae.
The larva is distinctive, with no close analogues although it may be mistaken for the shed skin of a hairy spider or leaf debris. It has six pairs of curly projections, three long and three short from the flattened body, each densely covered in hairs. The hairs do not sting, contrary to popular belief. However, susceptibility can vary among humans and it may produce a reaction in some people.
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Source: http://en.wikipedia.org/wiki/Phobetron_pithecium