3D.11
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Sales to other Authorised Dealers, Exchange Bureaux and Money-changers
Authorised dealers and exchange bureaux may freely dispose of their surplus foreign currency notes and coins by sale to other authorised dealers, exchange bureaux and full-fledged money changers. The rupee funds against sale of foreign currency notes and coins to a full-fledged money changer should, however, be received by way of a crossed cheque drawn on the latters bank account irrespective of the amount involved. Payment in the form of Bankers Cheque/Payment Order and/or Demand Draft may be accepted provided it is accompanied by a certificate from the bank issuing the relative instrument certifying that the funds for the instruments have been received by debit to the applicants bank account. In no circumstances should payment in respect of such sale be accepted in cash.