|
RBI/2016-17/263
A.P. (DIR Series) Circular No. 42
March 30th, 2017
To
All Authorised Persons
Madam / Sir,
Purchase of foreign exchange from foreign citizens and others
Attention of Authorized Persons is invited to the
A.P. (DIR Series) Circulars No. 20 dated November 25th, 2016,
A.P. (DIR Series) Circulars No.22 dated December 16th, 2016
and
A.P. (DIR Series) Circulars No. 24 dated January 3rd, 2017 and respectively, permitting foreign citizens (i.e. foreign passport holders) to exchange foreign exchange for Indian currency notes up to a limit of Rs. 5000/- per week till January 31, 2017.
2. On a review of the provisions contained in these circulars, in line with restoration of limits on cash withdrawals from bank accounts and ATMs, it has been decided to restore status quo ante regarding purchase of foreign exchange from customers by authorised persons as mentioned in paragraph 4.4 (e) (iii) of Annex to A.P. (DIR Series) Circular No.17 dated November 27th, 2009.
3. Authorised Persons may follow the above instructions and bring the contents of this circular to the notice of their constituents.
4. 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 are without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(Shekhar Bhatnagar)
Chief General Manager-In-Charge
|