RBI allows exchange of INR at foreign exchange counters in international airports

The Reserve Bank of India (RBI) has decided to allow residents to exchange Indian Rupee notes at foreign exchange counters at the departure halls in the international airports. In a notification issued in Mumbai, the RBI said the facility is being expanded to residents along with non-residents after a review of the existing framework governing money-changing activities at airports. Accordingly, travellers will be able to exchange Indian Rupee notes from the forex counters established in the Duty-Free Area or Security Hold Area beyond the Immigration or Customs desk. The RBI has added that the Master Direction on Money Changing Activities is being amended accordingly.