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Get more forex from authorized dealers

Get more forex from authorized dealers
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First Published: Thu, May 06 2010. 09 42 PM IST
Updated: Thu, May 06 2010. 09 42 PM IST
Travellers can now buy foreign exchange from authorized dealers and full-fledged money changers up to $3,000 (around Rs1,36,200) or its equivalent, the Reserve Bank of India (RBI) has said in a circular posted on its website. Earlier, authorized agents and full-fledged money changers had to take RBI’s permission to sell currency to travellers up to $2,000.
This amount is, however, permitted only for those travelling to countries other than Iraq, Libya, Islamic Republic of Iran, Russian Federation and other republics of Commonwealth of Independent States. The traveller can buy the foreign exchange in the form of foreign currency notes as well as coins.
As per the circular, authorized dealers and full-fledged money changers are permitted to continue to sell foreign exchange up to $5,000 or its equivalent to travellers to Iraq or Libya, Islamic Republic of Iran, Russian Federation and other republics of Commonwealth of Independent States in the form of foreign currency notes and coins.
An older circular on the topic said that whenever a person is going abroad for a purpose other than a private visit, it is not mandatory for authorized dealers to endorse the amount of foreign exchange sold for such travel on the traveller’s passport. However, wherever foreign exchange is sold for a private visit, it should invariably be endorsed on the traveller’s passport under the authorized dealer’s stamp, date and signature.
bindisha.s@livemint.com
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First Published: Thu, May 06 2010. 09 42 PM IST