Memorandum of Instructions governing money changing activities - RBI Instructions

By Vijay Kumar

RBI has decided to amend certain instructions contained in A. P. (DIR Series) Circular No. 57 [A.P. (FL/RL Series) Circular No. 04] dated March 9, 2009 by amending Parts A and E of the Annexure I thereof as follows:

Note to Part A: Urban Cooperative Banks (UCBs), fulfilling the eligibility norms, would be considered for authorization as Authorised Dealer Category-I / Authorised Dealer Category -II only.

Part 6: Sales against Reconversion of Indian Currency: ADs Category – I, ADs Category – II and FFMCs may provide facility for reconversion of Indian Rupees to the extent of Rs. 50,000/- to foreign tourists (not NRIs) against ATM Receipts based on 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).

All the other instructions contained in the Circular No.57 dated March 9, 2009 remain unchanged.

A P (DIR Series) Circular No. 33/RBI., Dated: October 12, 2011