Forex counters at airports likely to be relocated

New Delhi: Frequent international travellers may have to search a bit to locate a foreign exchange counter at the airport, come New Year. Some of the counters are likely to be relocated in the airports, thanks to a fiat issued by the Finance Ministry.
The order to shift all forex counters located after immigration and before Customs in the arrival hall and after Customs in the departure hall came after a ticklish ‘border' issue came to light.
The question was exactly where the RBI guidelines regarding holding, buying or selling foreign exchange, as well as the provisions of the Foreign Exchange Management Act would come into play.
Following the Finance Ministry directive, the Central Board of Excise and Customs has issued a circular regarding the precise location of foreign exchange counters at international airports. The new provision says, “Foreign exchange counters in the arrival halls in international airports in India shall ideally be established after the Customs Desk (Green Channel/Red Channel).”
25/11/11 Shishir Sinha/Business Line

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Categories: airports Nov 2011