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RBI relaxes foreign exchange norms for overseas travel

According to a notification issued by the Reserve Bank of India (RBI), travellers can now buy foreign exchange from authorised dealers using their debit, credit and prepaid cards. This move has made buying foreign exchange for overseas travel easier. According to a report in Hindu Business Line today, as per earlier guidelines, authorised dealers in category I and II and full fledged money changers could accept cash up to Rs 50,000 against the sale of foreign exchange. If the amount exceeded Rs 50,000, the dealers could only accept crossed cheques, banker’s cheques, pay orders and demand drafts. The authorised dealers can now accept payments through debit, credit and prepaid cards, irrespective of the amount.

However, the RBI notification specifies that the dealers should comply with the Know Your Customer (KYC) norms, the sale of foreign currency should be within permissible limits and the purchaser of foreign currency and the card holder should be the same person.

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