Now it's easy to exchange upto $ 200

Mumbai: The Reserve Bank of India (RBI) on Monday amended certain instructions of its anti-money laundering (AML) guidelines issued in December 2005.

The amendments have been issued following difficulties expressed by authorised money changers (AMCs) in implementing some of the guidelines, a RBI release issued in Mumbai on Monday said.

Now, for purchase of foreign exchange less than $ 200 or its equivalent, no photocopies of the identification document needed to be kept on record. However, full details of the identification document should be maintained.

For encashment of foreign exchange between $ 200 and $ 2,000 or its equivalent, the photocopies of the identification document should be maintained for one year and completion of statutory audit.

Similarly, for encashment in excess of $ 2,000 or its equivalent, the photocopies of the identification document should be maintained for a minimum period of five years.

Earlier, requests for payment of sale proceeds in cash could be acceded to the extent of $ 1,000 or its equivalent per transaction and all encashment within one month could be treated as a single transaction for the purpose. In all other cases, AMCs had to make payment only by way of account payee cheque or demand draft.

Now, requests for payment in cash by foreign visitors or NRIs may be acceded to the extent of $ 2,000 or its equivalent. All other provisions, however, remain unchanged, the RBI said.