RBI/2011-12/234
A.P. (DIR Series) Circular No. 38
October 25, 2011
To,
All Authorised Persons in Foreign Exchange
Madam/ Sir,
Memorandum of Instructions governing money
changing activities-
Location of Forex Counters in International Airports in India
Attention of Authorised Persons is invited to the Memorandum of Instructions
governing money changing activities, issued vide
A. P. (DIR Series) Circular No.
57 [A.P. (FL/RL Series) Circular No. 04] dated March 9, 2009.
- On a review relating to compliance of the Foreign Exchange Counters
(full-fledged branches/ extension counters) opened by Authorised Dealer
Category-I banks, Authorised Dealers Category-II and Full Fledged Money
Changers beyond the Domestic Tariff Area in international airports in India,
it has been decided as under :
- Foreign Exchange Counters in the arrival halls in international airports
in India shall ideally be established after the Customs Desk (Green
Channel/Red Channel). However, Foreign Exchange Counters may also be
established between the Immigration Desk and the Customs Desk in
international airports in India, subject to the condition that these
counters shall only purchase Foreign currency and sell Indian Rupees (INR)
and "Encashment Certificates" shall invariably be issued by the money
changers to the customers.
- Similarly, Foreign Exchange Counters in the departure halls in
international airports in India shall be established only before the Customs
Desk or the Immigration Desk, whichever comes first. 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) may be followed
up with the Airport Authorities.
- The Foreign Exchange Counters of Authorised Dealers Category-I banks,
Authorised Dealers Category-II and Full Fledged Money Changers, not
conforming to the above, should be relocated in accordance with the above
instructions, latest by December 31, 2011.
- Authorised Persons may bring the contents of this circular to the notice
of their constituents concerned.
- 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,
(Meena Hemchandra)
Chief General Manager-in-Charge