No restriction on exchange of Qatari Riyals in India: RBI

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The Reserve Bank of India has said it has not issued any instructions restricting the exchange of Qatari Riyals in the country.

The central bank came up with the clarification amid reports that certain authorised dealers/persons are not undertaking the sale or purchase of the Qatari currency.

“It is clarified that the Reserve Bank has not issued any instructions restricting the exchange of Qatari Riyals in India,” RBI said in a notification.

Under the Foreign Exchange Management Act, Reserve Bank authorises persons to deal in foreign exchange as authorised dealers.

Several countries including Saudi Arabia, the UAE, Bahrain, Egypt, among others, cut ties to Qatar this month over allegations that the Persian Gulf country funds terrorism.

Earlier there were several complaints that some money exchanges in Indian airports were not accepting Qatari riyals.

  • Even though RBI has issued the clarification now, it is advisable to change currency in Qatar itself or carry US Dollar till the confusion at money exchanges are resolved.

 

RBI-Press-Release-Qatar-Riyal

The press release from Reserve Bank of India

Here is the full text of the press release:

Exchange of Qatari Riyals in India

The Reserve Bank of India under Section 10 of Foreign Exchange Management Act, 1999, read with Section 3 of the Act, authorises the Authorised Persons to deal in foreign exchange as an Authorised Dealer or as a money changer or in any manner as it deems fit.

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It has come to the notice of the Reserve Bank of India that certain entities authorized as Authorised Persons by the Reserve Bank of India under Section 10(1) of the Foreign Exchange Management Act, 1999, to deal in foreign exchange, are not undertaking the exchange viz., sale/purchase of Qatari Riyals in India.

It is clarified that the Reserve Bank has not issued any instructions restricting the exchange of Qatari Riyals in India.

Published on 27 June 2017 (with inputs from PTI)

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