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.

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.

Ajit Prasad
Assistant Adviser

Press Release : 2016-2017/3466