Issuance of Prepaid Instruments to Foreign Tourists against Forex: RBI Instructions

RBI Instructs for Issuance of Prepaid Instruments to Foreign Tourists in exchange of Foreign Currency

In order to avoid any inconvenience, the RBI has instructed Authorized Persons to facilitate exchange transactions for foreign tourists in view of withdrawal of the legal tender character of the existing currency notes in the denominations of ₹ 500 and ₹ 1000.

The Authorized Persons may issue Prepaid instruments in exchange of foreign currency tendered by Foreign Tourists in terms of the instructions issued by RBI’s Department of Payments and Settlement System. RBI has advised that the Passport of concerned Foreign Tourist may be treated as a valid document for issuance of the said documents.

 RBI/2016-17/127 A.P. (DIR Series) Circular No. 17 dt. 11 Nov. 2016

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