RBI allows residents to exchange rupee notes at airport forex counters

The Reserve Bank of India (RBI) on Thursday allowed residents as well as non-residents to exchange Indian rupee notes at foreign exchange counters at departure halls in international airports beyond the immigration or customs desk.

Earlier, such foreign exchange counters were only allowed to buy Indian rupee from non-residents, and sell foreign currency to them. “On a review, it has been decided to allow residents (along with non-residents) to exchange Indian rupee notes at foreign exchange counters at the departure halls in the international airports established in the duty-free area or security hold area beyond the immigration or customs desk,” the Reserve Bank of India said in a circular. The Master Direction on Money Changing Activities is being amended accordingly, it added.