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RBI Denies Restrictions on Qatari Riyals Exchange

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Reserve Bank of India (RBI). (File Photo: IANS)
Reserve Bank of India (RBI)(File Photo: IANS)

Reserve Bank of India (RBI) has denied reports that there are restrictions for exchanging Qatari riyals with some authorised entities under the Foreign Exchange Management Act (FEMA)….reports Asian Lite News

Reserve Bank of India (RBI). (File Photo: IANS)
Reserve Bank of India (RBI)(File Photo: IANS)

Acting on reports that some authorised entities were not accepting Qatari riyals, the Reserve Bank of India (RBI) clarified that it has not restricted the exchange of the currency.

“It has come to the notice of RBI that certain entities authorised under the Foreign Exchange Management Act (FEMA) to deal in foreign exchange, are not undertaking the exchange of Qatari riyals in India.

“It is clarified that the Reserve Bank has not issued any instructions restricting the exchange of Qatari riyals in India,” the apex bank said in a notification here.

The RBI, under FEMA, authorises dealers for sale/purchase of foreign exchange.

The clarification comes as four major Arab states have severed ties with Qatar over its support to terrorism and have demanded it close down Al-Jazeera television and cut ties with Iran.