3D.2
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Purchases from Public
Authorised dealers and their exchange bureaux may freely purchase foreign currency notes and coins from any person, whether a traveller or not, against payment in rupees.Reserve Bank has granted general permission to persons resident in India to receive foreign currency notes, directly from out of India, or to receive them from any person resident outside India while on a visit to India, for services rendered or in settlement of any lawful obligation subject to the condition that foreign currency notes so received are surrendered to an authorised dealer within seven days of its receipt or acquisition as the case may be. Authorised dealers should note that the person tendering the notes being a resident need not necessarily possess a passport and hence its production should not be insisted upon as a matter of course before encashing foreign currency notes, etc.