India's RBI permits residents to exchange rupee notes at departure forex counters in international airports
Change
India's RBI amended its Master Direction to allow residents, as well as non-residents, to exchange Indian rupee notes at foreign-exchange counters located in duty-free or security-hold departure halls beyond immigration or customs at international airports.
Why it matters
Cash exchanges by residents at airport departure areas are limited to foreign-exchange counters inside duty-free or security-hold zones beyond the immigration or customs desks and cannot be conducted at landside or general terminal counters. Authorised Persons must align their airport forex operations and locations with the amended Master Direction or face enforcement under the Foreign Exchange Management Act, 1999.
Implications
- • Authorised Persons operating foreign-exchange counters at international airports must confine rupee-note exchange services to counters inside duty-free or security-hold departure halls beyond immigration or customs, or be subject to enforcement under the Foreign Exchange Management Act, 1999.
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