warned against buying foreign exchange with rupees
The Central Bank last week cautioned the public against buying foreign
exchange from authorised money dealers in exchange for rupees.
If a money changer sells foreign exchange against rupees not only
the money changer but also the person who buys foreign currency
from the money changer contravenes the provisions under Section
5(1) of the Exchange Control Act and thereby commits an offence
punishable under Section 51 of the Exchange Control Act. For such
an offence, a penalty upto three times of the value of the foreign
exchange so purchased or sold could be imposed," the bank said
in a statement.
said 59 money changers have been authorised across the country to
encash foreign currency notes into rupees and exchange one foreign
currency to another foreign currency. They are not permitted under
any circumstances to sell foreign exchange against rupees.