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RBI Memorandum of Instructions governing money changing activities

RBI/2013-14/259
A.P. (DIR Series) Circular No. 45

September 16, 2013

To,

All Authorised Persons in Foreign Exchange

Madam/ Dear Sir,

Memorandum of Instructions governing money changing activities  Location of Forex Counters in International Airports in India

Attention of Authorised Persons is invited to Para 2 (b) of the A.P.(DIR Series) Circular No.38 dated October 25, 2011.

2. On a review, it has been decided to allow non-residents to carry Indian currency upto a maximum of `10,000/- beyond Immigration/Customs desk to the Duty Free Area/Security Hold Area (SHA) in the departure hall in international airports in India for meeting miscellaneous expenditures subject to the condition that non-residents will not be allowed to carry any Indian Rupee beyond SHA and that they should dispose of Indian currency before boarding the plane.

3. In order to provide money changing facility to non-residents to convert unspent Indian Rupees with them, Foreign Exchange Counters in the departure halls in international airports in India may be established in the Duty Free Area/SHA beyond the Immigration/ Customs desk. Such Foreign Exchange Counters will however, only buy Indian Rupees from non-residents and sell foreign currency to them subject to usual terms and conditions. Putting up suitable display at these counters, reminding the passengers that the area is the last point for non-residents to possess Indian Rupees (INR) will be the responsibility of the Airport Authorities.

4. Authorised Persons may bring the contents of this circular to the notice of their constituents concerned.

5. The directions contained in this Circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and non-compliance with the guidelines would attract penal provisions of Section 11(3) of the Act, ibid.

Yours faithfully,

(Rudra Narayan Kar)
Chief General Manager-in-Charge

Tags: Airport authorityAuthorised PersonsCurrencyForeign Exchange CountersForeign Exchange Management ActForeign exchange marketIndiaIndian rupee

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