3D.5
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Purchase on Authorised Dealers Own Responsibility
All purchases of foreign currency notes made by authorised dealers and their exchange bureaux are at their own risk and responsibility. They must accordingly make their own arrangements for realising proceeds of surplus foreign currency notes purchased by them by sale to other authorised dealers, authorised money-changers or through their overseas branches and correspondents. Many countries operate restrictions on the import of their own (as well as foreign) currency notes, whether by travellers or on account of persons or banks resident abroad, and authorised dealers should arrange to keep themselves fully informed through their overseas branches or correspondents of these restrictions as also events like demonetisation, currency reform etc. taking place in foreign countries.