The Reserve Bank of India (RBI) has amended the Memorandum of Instructions governing money changing activities, specifically relating to the operation of foreign exchange (forex) counters at international airports in India.
1. Key Change – Facility Extended to Residents
The RBI has now permitted resident individuals, in addition to non-residents, to:
- Exchange Indian Rupee (INR) notes at forex counters located in departure halls of international airports
This includes counters situated:
- In the Duty-Free Area
- In the Security Hold Area (SHA) beyond the Immigration or Customs desk
2. Earlier Position
Previously, such exchange facilities at departure areas were primarily available only to non-residents, limiting access for resident travellers.
3. Amendment to Master Direction
The Master Direction on Money Changing Activities has been amended to incorporate this expanded access, aligning operational guidelines with the revised policy.
4. Directions to Authorised Persons
Authorised Persons (APs) engaged in money changing activities have been advised to:
- Inform their constituents and customers about the revised provisions
- Ensure proper implementation of the updated guidelines
5. Regulatory Basis
The directions have been issued under:
- Section 10(4) and
- Section 11(1) of the Foreign Exchange Management Act, 1999 (FEMA)
These are without prejudice to other applicable approvals or permissions under the law.
6. Conclusion
The amendment enhances convenience for resident travellers, improves accessibility to forex services at airports, and reflects a progressive easing of operational restrictions in line with evolving travel and currency exchange needs.
