RBI allows Rupee exchange at airport departure counters beyond immigration

The Reserve Bank of India has allowed both residents and non-residents to exchange Indian rupee notes at foreign exchange counters located in departure halls of international airports beyond immigration or customs checkpoints, according to PTI. Earlier, such counters were permitted only to buy Indian rupees from non-residents and sell foreign currency to them. "On a review, it has been decided to allow residents (along with non-residents) to exchange Indian rupee notes at foreign exchange counters at the departure halls in the international airports established in the duty-free area or security hold area beyond the immigration or customs desk," the RBI said in a circular. The central bank added that the Master Direction on Money Changing Activities is being amended to reflect this change.