In a recent circular, the central bank announced that residents, in addition to non-residents, can now utilize forex counters located in the duty-free or security hold zones beyond immigration and customs at international airports.
These counters are generally found in departure halls following security clearance.
This change comes after a review of the current guidelines under the RBI’s framework governing money-changing activities. The updated regulation revises the Master Direction on Money Changing Activities to enable such transactions formally in post-immigration areas.
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Previously, the establishment and operation of forex counters in these restricted airport zones were more constrained, especially for resident travelers. With the new regulations, licensed money changers at airports can now provide rupee exchange services to a broader range of travelers at the final stage before departure.
The RBI has instructed all authorized entities to inform their customers and stakeholders about this update.
The directives have been issued under the provisions of the Foreign Exchange Management Act, 1999 (FEMA), which regulates foreign exchange transactions in India.
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