Information
Foreign Currency Notes and Travellers Cheques
Residents (individuals, shops, hotels, etc.) are permitted to receive payments in foreign currency/travelers checks from persons who are on a visit to India for services rendered or in settlement of lawful obligations. In order to encourage residents who receive such payments to fearlessly encash such amounts through the banking channel, banks have been advised to freely accept such tenders at their branches.
With a view to ensuring prompt and efficient encashment facilities to tourists and Non Resident Indians visiting the country the Reserve Bank has specifically directed the banks to
- Accept without limit foreign currency notes/travelers checks if the proceeds are to be credited to the accounts of the tenderers.
- Accept for cash payment at least US $ 1000 or its equivalent in major cities and tourist centers and US$ 500 at other centers.
- Prominently display the rules for encashment, rates as also the brand names of TCs accepted.
