RBI increases cash exchange limit for foreign tourists

The Dollar Business Bureau 

Easing the currency exchange rules for foreign nationals who have been stuck due to the currency demonitisation announcement, the government on Friday extended their new currency withdrawal limit to Rs.5000 per week till December 15.

According to the government’s new currency exchange rules for foreign nationals, foreign citizens can exchange their money for Indian currency notes up to a limit of Rs.5000 a week till December 2015-16, provided they present a self-declaration form that they have not availed this currency withdrawal facility during the week.

The authorised persons need to have their passport details and aforementioned declaration on record. They also need to ensure that the total value of such exchange to Indian currency notes has not exceeded Rs.5000 during the week.

This is “subject to the tenderer submitting a self-declaration that this facility has not been availed of during the week. The authorised person shall keep the passport details and the above declaration on record,” the RBI said in its circular.

Many foreign travellers have reported inconvenience due to the currency demonitisation, as they have found it difficult to fly in and out of the country.

Before the demonetisation rule, foreign passport holders were allowed to exchange up to Rs. 2 lakh while Indian passport holders were allowed to exchange up to Rs.68,000.