The regulatory agency issued a circular to all banks in the country indicating that an individual may only convert foreign currency worth up to USD 2,000 per transaction. The circular states that the individual must produce proof demonstrating their international journey.
As of the conclusion of the first month of the current fiscal year, the countryR17;s foreign exchange reserves were sufficient to import commodities for nine months and services for eight months (mid-August 2021). As a result, the central bank believes that restrictions are necessary to safeguard consumers.
The countryR17;s foreign exchange reserves were Rs 1.399 trillion as of the middle of July 2021.