A.P. (DIR Series) Circular No. 16 dated November 9, 2016 on Withdrawal of the legal tender character of the existing and any older series banknotes in the denominations of 500 and 1000.
2. The circular inter alia instructs Authorized Persons to facilitate exchange transactions for foreign tourists.
3. In order to avoid any inconvenience to foreign tourists, Authorized Persons may issue Pre-paid instruments to them in terms of the instructions issued by Department of Payments and Settlement System, Reserve Bank of India, in exchange of foreign exchange tendered. Passport may be treated as a valid document for issuance of the said documents.
4. Authorised Persons may follow the above instructions and bring the contents of this circular to the notice of their constituents.
5. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
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