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RBI Guidelines exchange@your convenience

  1. Bringing in & taking out of Foreign Exchange
  • Foreign exchange in any form can be brought into India freely without limit provided it is declared on the Currency Declaration Form (CDF) on arrival to the Custom Authorities. When Foreign Exchange brought in the form of currency notes or travelers’ cheques does not exceed US $ 10,000 or its equivalent and/or the value of Foreign Currency notes does not exceed US $ 5,000 or its equivalent, declaration thereof on CDF is not insisted upon.
  • Taking out Foreign Exchange in any form, other than Foreign Exchange obtained from an Authorised Dealer or a money changer is prohibited unless it is covered by a general or special permission of Reserve Bank. Non-residence, however, have general permission to take out an amount not exceeding the amount originally brought in by them subject to compliance with the provisions of sub para (i) above.
  1. Purchases of Foreign Currency from public
  • Authorised Money Changers (AMCs)/ franchisees may feely purchase foreign currency notes, coins and travellers’ cheques from residents as well as non-residents. Where the Foreign Exchange was brought in by declaring on form CDF, the tenderer should be asked to produce the same. The AMC should invariably insist on production of declaration in CDF.
  • AMCs may sell Indian rupees to foreign tourists/ visitors against International Credit Cards and take prompt steps to obtain reimbursement through normal banking channels.
  1. Encashment Certificate
  • AMCs may issue certificate of encashment when asked for in cases of purchases from public. These certificates bearing authorized signatures should be issued on the letter head of the Money Changer and proper record maintained.
  • In cases where encashment certificate is not issued, attention of the customers should be drawn to the fact that unspent local currency held by non-residents will be allowed to be converted into Foreign Exchange only against production of a valid encashment certificate.
  1. Sale of  Foreign Exchange
  • Private Visits

AMCs may sell exchange upto the prescribed ceiling in the form of Foreign Currency notes/ coins & travelers’ cheque to eligible resident Indian citizens. For undertaking one or more private visits to any country abroad (except Nepal & Bhutan). Exchange for such visits may be realized in the basis of declaration given by the traveler regarding the amount of Foreign Exchange availed of during a calendar year. Foreign nationals permanently resident in India are also eligible to avail of this quota for private visits provided the applicant is not availing of facilities for remittance of his salary/ savings etc. abroad in terms of the existing Foreign Exchange regulations.

  • Business Visits

AMCs may sell Foreign Exchange in the form of Foreign Currency notes/ coins & travelers’ cheque to eligible travelers for undertaking business travel or attending a conference or specialized training or for maintenance expenses of a patient going abroad for medical treatment or check up abroad or for accompanying as attendant to a patient going abroad for medical treatment/ check up.

Quantum of Exchange

Amount prescribed by Reserve Bank from time to time.

Conditions

    • The sale of Foreign Exchange should be made only on personal application and identification. In case of issue of travellers’ cheque, the traveler should sign the cheque in the presence of an authorized official and the purchasers’ acknowledgement for receipt of travellors’ cheque should be held on record.
    • Payment in excess of Rs. 50,000/- towards sale of Foreign Exchange should be received only by the applicants crossed cheque/ crossed cheque drawn on the bank account of the Firm/ Company sponsoring the visit of the applicant/ Bankers’ cheque/ pay order/ demand draft. For this purpose, sales in installments, should be reckoned as a single drawl for the journey.
    • The sale of Foreign currency/ notes & coins within the overall entitlement of Foreign Exchange, should be restricted to the limits prescribed by Reserve Bank from time to time
  1. Sales against Reconversion of Indian Currency

AMCs may convert into foreign currency, unspent Indian currency held by non-residents at the time of their departure from India, provided a valid Encashment Certificates is produced.

Note (1): AMCs may convert at their discretion, unspent Indian currency upto Rs. 10,000 in the possession of non-residents if, for bonafide reasons, the person is unable to produce an Encashment Certificate after ensuring that the departure is scheduled to take place within the following seven days.

Note (2): AD Category-I and AD Category-II may provide facility for reconversion of Indian Rupees to the extent of Rs. 50,000/- to foreign tourists (not NRIs) against ATM Receipts based on the following documents:

  • Valid Passport and VISA
  • Ticket confirmed for departure within 7 working days
  • Original ATM slip (to be verified with the original debit/ credit card)
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