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RBI Guide Lines.
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(updated as per Master Circular dated 01.07.2011)
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* this is only a brief extract and for details kindly refer to above Master Circular and Amendments, if any, thereto in RBI website – www.rbi.org.in
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Authorized Dealer Category-II Money Changers can undertake
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Purchase – from Residents / Non- Residents
- Sales to Residents for Private Travel and Business Travel.
- AD-Category II can undertake specified Non- Trade Current A/C
Transactions in addition to the above.
For limits and conditions – kindly refer to the table under "Forex Limits"
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Bringing in and taking out of Foreign Exchange
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- Foreign Exchange can be brought into India without limit;
- Declaration in form CDF necessary if the Amount > USD 10,000 (FC notes + TCs) and / or FC notes exceed USD 5000;
- Taking out Foreign Exchange other than that obtained from AD/AMC prohibited;
- Non- residents can take out Foreign Exchange up to the amount originally brought in;
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Purchases of Foreign Currency from Public /Foreign Nationals:
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- Purchase from Residents / Non – Residents/foreign nationals FC Notes/ Coins/ TC's subject to submission of CDF (wherever applicable) to be taken;
- Facility to avail INR against International Credit Cards by foreign tourists
- Encashment Certificate to be issued in all cases of Encashments;
- No limit for encashment is prescribed, if declared on the Currency Declaration Form (CDF) on arrival to the customs authorities.
- No declaration in CDF is required for Foreign Currency with aggregate value upto US 5000 or equivalent;
- No declaration in CDF is required for FC + TC with aggregate value upto US 10000 or equivalent;
- For purchase of foreign currency notes and/ or Travellers' Cheques from customers for any amount less than Rs. 50,000/-, or its equivalent, copies of identification documents not required. However, details of the identification document to be furnished by the customer/ to be kept on record by the AMC;
- For purchase of foreign currency notes and/ or Travellers' Cheques from customers for any amount equal to or in excess of Rs.50,000/-, or its equivalent,documents, as mentioned at (F-Part-II) annexed to the A.P. (DIR Series) Circular No.17 {A.P.(FL/RL Series) Circular No.4} dated November 27, 2009, should be verified and copies retained.
- Permissible limit for cash payments against encashment:
a) Foreign Nationals up to -- US $ 3000
b) Residents up to -- US $ 1000
- All other cases of encashments, payment to be made by way of Account Payee Cheque or demand draft only.
- Payment to be made only by Cheque / DD, if purchases are from other FFMC/AD's;
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Sale of foreign exchange Private Visits / Business Visits:
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- Sale against application, identification documents and declaration regarding Foreign Exchange availed during the financial year;
- Private visit- up to USD 10,000 per financial year.
- Business visit-up to USD 25,000 per trip for Business / Conference / Training etc.
- TC issue subject to conditions of TC issuing company;
- Traveler to sign on the TC in the presence of Authorized official of AMC;
- Payment in excess of Rs.50, 000 to be received by Cheque / DD;
- Foreign Currency Notes up to USD 3000 and balance in TC's/Travel cards;
- Exemptions - Travelers visiting
- Libya & Iraq up to US $ 5000
- Islamic Republic of Iran, Russian Federation and commonwealth of Independence States – Entire exchange to be released in FC notes;
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Sales against Reconversion of Indian Currency
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- Non-residents are allowed to reconvert unspent INR at the time of their departure subject to production of a valid Encashment Certificate;
- Non-residents are allowed to reconvert INR up to Rs.10,000 without a valid Encashment Certificate, for bonafide reasons, if departure is scheduled to take place within the following seven days.
- Facility for reconversion of Indian Rupees to the extent of Rs. 50,000/- to foreign tourists (not NRIs) against ATM Receipts, are allowed subject to submission of the following documents:
- Valid Passport and VISA
- Ticket confirmed for departure within 7 days.
- Original ATM slip (to be verified with the original debit/ credit card).
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