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RBI/2016-17/263
A.P. (DIR Series) Circular No. 42
March
30, 2017
To
All Authorised Persons
Madam / Sir,
Purchase
of foreign exchange from foreign citizens and others
Attention of Authorized Persons
is invited to the A.P. (DIR Series) Circulars No. 20, 22 and 24 dated November 25, 2016, December
16, 2016 and January 3, 2017 respectively, permitting foreign citizens
(i.e. foreign passport holders) to exchange foreign exchange for Indian
currency notes up to a limit of Rs. 5000/- per week till January 31, 2017.
2. On a review of the provisions
contained in these circulars, in line with restoration of limits on cash
withdrawals from bank accounts and ATMs, it has been decided to restore
status quo ante regarding purchase of foreign exchange from customers by
authorised persons as mentioned in paragraph 4.4 (e) (iii) of Annex to A.P.
(DIR Series) Circular No.17 dated November 27, 2009.
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
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