What changed
Previously, the rules for money changing activities did not explicitly permit AMCs to sell rupees against international cards. Now, AMCs can accept International Credit/Debit Cards from foreign tourists for rupee sales, and must seek reimbursement via standard banking channels. All other existing instructions from the 2009 circular remain unchanged.
What it means for you
For banks and AMCs, this opens a new revenue stream by allowing card-based rupee sales to foreign tourists, reducing reliance on cash. It simplifies transactions for visitors and aligns with digital payment trends. However, AMCs must ensure prompt reimbursement through banking channels to avoid compliance issues.
What you must do
- Update internal procedures to accept International Credit/Debit Cards for rupee sales to foreign tourists.
- Ensure prompt reimbursement for such transactions through normal banking channels.
- Train staff on the new facility and maintain records for audit and compliance.
- Communicate this change to all relevant branches and constituents.
Who it affects
Authorised Money Changers (AMCs), Banks handling foreign exchange, Foreign tourists and visitors to India
Can AMCs now accept any international card for rupee sales?
Yes, AMCs can sell Indian rupees to foreign tourists against International Credit Cards and International Debit Cards, as per the circular.
What about other money changing rules?
All other instructions from the 2009 circular remain unchanged. Only the specific provision on card-based sales has been added.
Is there any additional approval needed for this?
No, the circular is issued under FEMA and does not require separate permission, but compliance with other laws remains necessary.