Non-resident Indians and foreigners travelling from India will no longer be allowed to carry rupees due to the new Reserve Bank of India rules, according to a report in the Emirates247.com website. According to the news portal, as per the guidelines issued by Reserve Bank of India, passengers will be allowed to carry rupees only up to the duty-free shopping and security check areas at the departure terminals of international airports, to meet expenses.Until now, NRIs were allowed to carry up to Rs 10,000 out of the country, it revealed.Passengers who are found carrying the currency before boarding the flight may now face action by the Indian customs officials, it said. No information on the penalties is however available. Every NRI and foreigner leaving the country will have to compulsorily change rupees in their possession into a foreign currency before they board their flights, the report said.
When queried, chartered accountant and former chairman of the Institute of Internal Auditors (Qatar) Sundaresan Rajeswar said the latest decision may have been taken by the RBI authorities to curtail the Indian currency circulating outside India, and in order to prevent it from being out of circulation. The senior auditor said he is yet to get a copy of the new RBI regulations.While arguing in favour of NRIs carrying a minimum amount of money for logistical reasons, Sundaresan said there is no logic or economic reasons to prevent this, as most advanced countries these days allow their citizens and residents to carry up to $10,000 when they fly out. Many international airports normally have ATM machines to withdraw currency but some of the Indian airports may not have that facility, he said.
If this decision has come into effect, the exchange houses outside India may have to abstain from selling Indian currency since it will be illegal, he said.
