Foreign Exchange Management Act (FEMA)
7. Reconversion of Indian currency
- Foreign currency may be sold against Indian Rupees held by persons who are not resident of India but are passing through or leaving India after a visit, at the time of their departure from India.
- For this purpose, a Bank or Encashment certificate issued by Authorized Dealer, exchange bureau or Authorized Money changer in form BCI, ECF OR ECR, is required to show that the rupee had been acquired by sale of foreign Exchange to an Authorized Dealer or money changer in India.
- Such a certificate is valid for such reconversion i.e. a period of three months is not over from the date of sale of the foreign currency by the traveler.