The Reserve Bank of India has updated its instructions on money changing activities to permit residents, in addition to non-residents, to exchange Indian rupee notes at foreign exchange counters located in the departure halls of international airports in India when those counters are in the Duty-Free Area or Security Hold Area beyond the Immigration or Customs desk. The Master Direction on Money Changing Activities will be amended to reflect this change. The update follows a review of the existing framework referenced in a 2013 circular. Authorised Persons have been asked to bring the change to the notice of their constituents and customers, and the directions have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, without prejudice to any other permissions or approvals required under other laws.
Reserve Bank of India 2026-04-02
Reserve Bank of India allows residents to exchange rupee notes at duty-free departure forex counters in international airports
The Reserve Bank of India has updated its instructions on money changing activities to allow residents, in addition to non-residents, to exchange Indian rupee notes at foreign exchange counters in departure halls of international airports located in Duty-Free or Security Hold Areas. The Master Direction on Money Changing Activities will be amended accordingly, and Authorised Persons have been asked to inform their constituents and customers, with the directions issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.