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of <h1>RBI Updates Money Changing Rules: Urban Cooperative Banks Eligible for Dealer Status; Clarifies Tourist Exchange Limits.</h1> The circular, issued on October 12, 2011, by the Reserve Bank of India, amends certain instructions related to money changing activities as per the Foreign Exchange Management Act, 1999. It updates Parts A and E of the previous memorandum dated March 9, 2009. Notably, Urban Cooperative Banks meeting eligibility norms may now be considered for authorization as Authorised Dealer Categories I and II. Additionally, reconversion facilities for foreign tourists are clarified, allowing exchanges up to Rs. 50,000 against ATM receipts with specific documentation. All other previous instructions remain unchanged, and non-compliance may attract penalties under the Act.
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