27th April 2017
To, All Members,
Sub: Regarding exchange of foreign currency to INR by the foreign nationals/tourists.
As you are aware, Reserve Bank of India vide circular No. 20, 22 and 24 dated November 25, 2016, December 16, 2016 and January 3, 2017 respectively had put a restriction on foreign citizens to exchange foreign currency to Indian currency notes up to a limit of Rs. 5000/- per week.
IATO had taken up this matter with the Ministry of Finance, Department of Economic Affairs and Ministry of Tourism to withdraw this limit as tourists were facing lot of problems and were not able to spend on shopping etc. thus loss of foreign exchange for the country.
It is to inform you that this restriction has been removed. A copy of RBI circular dated 30th March 2017 is enclosed for your reference.
With best regards,
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