NRIs, Foreigners Can’t Leave With Rupee

Thanks to a new directive from the Reserve Bank of India (RBI) that from now on every non-resident Indian (NRI) and the foreigner who are leaving the country will have to compulsorily change the Indian rupees in their possession into a foreign currency before they have board the flight. It is a common practice among the NRIs to carry some amount of the Indian currency with them when they are leaving the country, mainly for the convenience of not having to exchange the forex into rupee when they are returning the next time. But from now on, they will not be allowed to carry any Indian notes with them.

Although the rule, which is a part of the Foreign Exchange Management Act (FEMA) which has been in place for quite some time now, it is only now that the central bank is trying to administer it. RBI on Monday allowed the forex changers to open the kiosks beyond the immigration desks at the international airports to facilitate the NRIs and the foreigners opting to exchange rupee for the other currencies before they enter the aircraft. According to the RBI officials, in case these travellers have the Indian currency notes in their possession before boarding the flight then the Indian customs officials can act against them.

RBI has allowed the NRIs to carry up to Rs 10,000 beyond the immigration and the customs desks, and to the duty-free shopping and security checking areas in the departure hall in the international airports to meet the miscellaneous expenses. Therefore, this has been allowed liable to the condition that the NRIs will not be allowed to carry any Indian rupee beyond SHA and that they will dispose of the Indian currency before boarding the plane, as per RBI’s notification.

To facilitate the money changing facilities for the NRIs and the foreigners, the foreign exchange counters have been allowed in the departure halls in the international airports beyond the immigration and the customs desks. "Such foreign exchange counters will, however, only buy Indian rupees from the non-residents and sell the foreign currency to them liable to the usual terms and conditions, as per RBI. Also it has been directed to the authorities to put up the displays at the international airports which will remind the passengers that the area is the last point for the non-residents to acquire the Indian Rupees.