**Summary:**
This circular, RBI/2016-17/157 A.P. DIR Series Circular No. 20, issued by the Reserve Bank of India on November 25, 2016, addresses exchange facilities for foreign citizens. It supersedes the instructions outlined in A.P. DIR Series Circular No. 16 dated November 9, 2016.
The circular permits authorized persons to exchange foreign exchange for Indian currency notes, up to a limit of ₹5000 per week per foreign citizen (foreign passport holders), until December 15, 2016. This is contingent upon the foreign citizen submitting a self-declaration confirming that they have not availed of this facility during that week. Authorized Persons are required to maintain records of passport details and the self-declaration. They must also ensure that the total value exchanged for Indian currency notes does not exceed ₹5000 per individual during the week.
Instructions regarding the issuance of prepaid instruments by Authorized Dealer Category I Banks remain in effect.
The directions within the circular are issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and do not override any other legal requirements.
Authorized Persons are instructed to adhere to these guidelines and disseminate the information to their constituents.
For further information, contact Shekhar Bhatnagar, Chief General Manager-in-Charge.
Key Entities Referenced
Reserve Bank of India: The central bank of India, the issuing authority of this circular.
Mumbai, Maharashtra: The city in India where the Reserve Bank of India is located.
A.P. DIR Series Circular No.20: The specific circular being issued by the Reserve Bank of India.
A.P. DIR Series Circular No. 16: A previous circular referenced in the current document.
Foreign Exchange Management Act, 1999: Indian legislation under which the circular's directions are issued.
Authorised Persons: Entities authorized to deal in foreign exchange, to whom the circular is addressed.
Authorized Dealer Category I Bank: A specific category of authorized dealers that can issue prepaid instruments
Shekhar Bhatnagar: Chief General Manager-in Charge at Reserve Bank of India
RESERVE BANK OF INDIA
Mumbai - 400 001
RBI/2016-17/157
A.P. (DIR Series) Circular No.20 November 25, 2016
To
All Authorised Persons
Madam / Sir,
Exchange facility to foreign citizens
Attention of Authorized Persons is invited to the A.P. (DIR Series) Circular
No. 16 dated November 9, 2016 giving certain exemptions to foreign tourists
visiting India. In supersession of instructions issued therein, it has been
decided that foreign citizens (i.e. foreign passport holders) can exchange
foreign exchange for Indian currency notes up to a limit of ` 5000/- per week
till December 15, 2016 subject to the tenderer submitting a self-declaration
that this facility has not been availed of during the week. The Authorized
Person shall keep the passport details and the above declaration on record.
Authorized Person may also ensure that the total value of such exchange to
Indian currency notes does not exceed ` 5000/- during the week.
2. The Instruction in respect of issue of prepaid instruments by Authorized
Dealer Category I Bank shall continue.
3. Authorised Persons may follow the above instructions and bring the
contents of this circular to the notice of their constituents.
4. The directions contained in this circular have been issued under Section
10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999
(42 of 1999) and are without prejudice to permissions / approvals, if any,
required under any other law.
Yours faithfully,
(Shekhar Bhatnagar)
Chief General Manager-in- Charge