1.6
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Authorised Money-Changers
In order to provide facilities for encashment of foreign currency to visitors from abroad, especially foreign tourists, Reserve Bank has granted licences to certain established firms, hotels and other organisations permitting them to deal in foreign currency notes, coins and travellers cheques subject to directions issued to them from time to time. These firms and organisations who are generally known as authorised money-changers fall into two categories, viz. Full-fledged money-changers who are authorised to undertake both purchase and sale transactions with the public and Restricted money-changers who are authorised only to purchase foreign currency notes, coins and travellers cheques, subject to the condition that all such collections are surrendered by them in turn to an authorised dealer in foreign exchange/full-fledged money-changer.