RBI allows residents to exchange rupee notes at airport forex counters

RBI permits residents to exchange rupee notes at forex counters in airport departure areas, extending a facility earlier largely limited to non-residents

The Reserve Bank of India (RBI) has permitted residents, in addition to non-residents, to exchange Indian rupee notes at foreign exchange counters located in departure halls of international airports established in the Duty-Free Area or Security Hold Area beyond the immigration or customs desk, the central bank said in a release on Thursday.

 

The facility will be available at counters set up in duty-free or security hold areas beyond the immigration or customs desks. Earlier, such exchanges were largely restricted to non-residents.

 

The move follows a review of the existing framework under the Memorandum of Instructions governing money changing activities. The central bank said the relevant provisions in the Master Direction on Money Changing Activities have been amended to reflect the change.