RBI expands airport forex exchange facility to residents, amends money changing rules

In a circular issued on Thursday, the RBI said the decision was taken after reviewing the existing framework governing money-changing activities at airports.

"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 the circular.

The central bank added that the existing rules will be updated to reflect the change. "The Master Direction on Money Changing Activities is being amended accordingly," it said.

The RBI also asked authorised entities to inform customers about the revised facility.

"Authorised Persons may bring the contents of this circular to the notice of their constituents and customers," the circular said.

The latest change builds upon an earlier directive that permitted foreign exchange counters in specific areas of international airports to help non-residents convert unspent Indian currency before leaving the country.

According to the earlier circular, "Foreign Exchange Counters in the departure halls in international airports in India may be established in the Duty Free Area/Security Hold Area beyond the Immigration/ Customs desk."

These counters were earlier meant only for transactions involving non-residents. "Such Foreign Exchange Counters will however, only buy Indian Rupees from non-residents and sell foreign currency to them subject to usual terms and conditions," the earlier circular said.

The central bank noted that the directions have been issued under the provisions of the Foreign Exchange Management Act, 1999.

Currently, India's foreign exchange reserves stand at USD 698.3 billion in the week ended March 20, 2026, according to data released by the Reserve Bank of India on March 27, 2026. (ANI)