RBI Permits Indian Rupee Notes Exchange in Airport Departure Areas

In a news statement released on Thursday, the Reserve Bank of India (RBI) announced that, in addition to non-residents, residents are now permitted to exchange Indian rupee notes at foreign exchange desks situated in the departure halls of international airports that are located in the duty free area or security hold area beyond the immigration or customs desk.

In addition to the immigration and customs desk, the Reserve Bank authorized the exchange of Indian rupee notes at foreign exchange counters in the departure halls of international airports for both residents and non-residents on Thursday, as stated earlier and reported by the PTI. In the past, these foreign exchange counters were only authorized to sell foreign currency to non-residents and purchase Indian rupees from them.

Also Read

Viral: Man Buys Rs. 1 Lakh Gift For His Mother, She Refuses Until He Reveals His Rs. 5 Lakh Salary

AAP Removes Raghav Chadha as Rajya Sabha Deputy Leader, Ashok Mittal Named Replacement

Artemis II Launch: With 4 Astronauts On board, It’s the First Moon Mission Since 1972, Here’s What You Need to Know!

“On a review, it has been decided to allow residents (along with non-residents) to exchange Indian rupee notes at foreign exchange counters at the departure halls in the international airports established in the duty free area or security hold area beyond the immigration or customs desk,” the Reserve Bank of India (RBI) said in a circular.

The action is taken after an assessment of the current framework established by the Memorandum of Instructions that regulates the business of currency exchange. According to the central bank, the modifications are now reflected in the pertinent sections of the ‘Master Direction on Money Changing Activities’.