Location of Forex Counters in International Airports in India

The circular relaesed by RBI regrading permission of setting Forex counters in International Airports in India.

A.P, (Dir Series) Circular N0.45 dated September 16, 2013
and Press Release No.2013-14/602 dated September 19,
RBI has allowed non-residents to carry Indian currency upto a maximum of { 10,000/- beyond
immigration/Customs desk to the Duty Free Area Security Hold Area (SHA) in international airports
in India for meeting miscellaneous expenditures subject to the condition that non-residents will not be allowed to carry any Indian Rupee beyond SHA and that they should dispose of Indian currency before boarding the Plane.

In order to provide money changing facility to non-residents to convert unspent Indian Rupees with them, Foreign Exchange counters in the departure halls in international airports in India may be established in the Duty Free Area/SHA beyond the Immigration/customs desk. Such Foreign Exchange Counters will however, only buy Indian Rupees from non-residents and sell foreign cuffency to them subject to usual terms and conditions. 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) will be the responsibility of the Airport Authorities.
However, this instruction has been misreported in certain sections of the media as a new restriction imposed by the RBI and accordingly RBI has vide Press Release
No. 2013-141602 dated September 19,2013, issued the following clarifications in this regard:
(1) A non-resident is currently not allowed to carry
Indian currency notes beyond Indian border, since
the Indian currency is not yet convertible' This
position has been in existence since several years
and has not been altered in any way. This restriction
is currently under review.
(2) Earlier non-residents leaving the Indian shores,
had to convert the unspent Indian currency into
any convertible currency before the Immigration/
Customs desk.
(3) The RBI has been receiving requests to permit
Indian currency to be carried into Duty free area
as well and accordingly facilitate their conversion
before boarding the flight by allowing money
changing facilities in the Duty free/security hold
(4) The above request, which is in the nature of further
liberalisation of exchange control, has been enabled
vide the Reserve Bank's circular of September 16,
2013.It is thus erroneous to construe this facilitation
as any form of additional control.

Posted 3 years, 11 months ago by Rahul Rai

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