The Hindu Business Line : Passport not must to encash forex up to $500

Instead a ration card or driving licence can be produced as proof of identification. However, a passport would be required for purchase of foreign currency of any amount.

This is as per the anti-money laundering guidelines issued today by the Reserve Bank of India to Authorised Money Changers (AMC). The guidelines will come into effect from March 31, 2006.

The sale of forex by AMCs should be made only on personal application and identification. Payment in excess of Rs 50,000 towards sale of foreign exchange should be received only by account payee cheque or demand draft.

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