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Foreign tourists allowed to buy INR against debit cards

In order to further rationalise money changing activities, the Reserve Bank Friday allowed authorised money changers (AMCs) to sell Indian rupees to foreign tourists against international debit cards.



Mumbai: In order to further rationalise money changing activities, the Reserve Bank Friday allowed authorised money changers (AMCs) to sell Indian rupees to foreign tourists against international debit cards.

This facility was earlier limited only to international credit cards.

"...It has been decided that Authorised Money Changers (AMCs) may sell Indian rupees to foreign tourists/visitors against International Credit Cards/International Debit Cards," RBI said in a notification.

RBI added that these AMCs should take prompt steps to obtain reimbursement through normal banking channels.

AMCs are authorised by the RBI to deal in foreign exchange for specified purposes to widen the access of foreign exchange facilities to residents and tourists.

PTI

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