3D.15
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Export of Surplus Foreign Currency Notes and Coins
Authorised dealers may freely despatch their surplus stocks of foreign currency notes and coins to their overseas branches or correspondents for realisation and credit of proceeds to their foreign currency accounts. Authorised dealers may also export surplus foreign currency notes/coins tendered to them by the full-fledged money changers. They may also export such surplus to private money changer abroad subject to the condition that either the realisable value is credited in advance to their nostro accounts or a bank guarantee issued by an international bank of repute covering the full amount of the foreign currency notes/coins to be exported has been received. Authorised dealers should ensure that at any given point of time, the amount of foreign currency notes/ coins that will be exported does not exceed the amount of bank guarantee or the amount of remittance received in advance from the private money changer abroad.