Forex Purchase from Post Offices Allowed

[RBI Circular No. 49 dated 4^th February 2016]

Sub: Post Office (Postal Orders/Money Orders), 2015.

Attention of Authorised Dealers (ADs) is invited to Notification No. FEMA. 18(R)/2015-RB dated December 29, 2015 notified vide G.S.R. No.1009 (E) dated December 29, 2015, which supersedes the Notification No. FEMA.18/2000-RB.

2. Synopsis of the new regulations is given as under:

General permission has been given to any person to buy foreign exchange from any post office in India in the form of postal order or money order.

3. The new regulations have been notified vide Notification No. FEMA. 18(R)/2015-RB dated December 29, 2015, c.f. G.S.R. No.1009 (E) dated December 29, 2015 and shall come into force with effect from December 29, 2015.

4. AD Category- I banks may bring the contents of the circular to the notice of their constituents concerned.

5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.