{
  "id": 15037566,
  "title": "No meddling as 'middlemen' in forex conversion",
  "url": "https://urgent.news/2026/10/16/no-meddling-as-middlemen-in-forex-conversion",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-16T19:21:02.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/news/economy/policy/no-meddling-as-middlemen-in-forex-conversion-by-banks-new-rules-forbid-conversion-of-foreign-earnings-into-rupees-to-detriment-of-exporters/articleshow/135002895.cms"
  },
  "original_language": "en",
  "account": "No more middlemen in forex conversions, according to a new regulatory directive from the Reserve Bank of India. Intermediary banks are now prohibited from converting foreign exchange into Indian rupees unless specifically instructed to do so by the sender or receiver. This rule applies to banks acting as intermediaries for small exporters receiving dividends from overseas companies, Indians earning dividends from foreign firms, or individuals receiving gifts from NRIs. Previously, intermediary banks would often convert the foreign currency at unfavorable exchange rates, leading small exporters and individuals to receive less INR than they should have. The Reserve Bank of India raised the issue with the Foreign Exchange Dealers Association of India (FEDAI), which responded by issuing guidelines to member banks. These new guidelines state that intermediary banks must not convert foreign currency inward remittances into INR without explicit permission, unless it is a specific instruction from the sender or recipient. If a specific conversion instruction is received, the bank may convert the currency at the prevailing exchange rate, as per its policies and norms. Banks are also advised to align service charges for forex transactions with the complexity and effort involved in providing the service. Starting in October, banks will be required to disclose their card rates for currency conversion on their websites, enabling clients to compare buy and sell rates offered by different banks.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The Economic Times - Economy",
        "title": "No meddling as 'middlemen' in forex conversion by banks: New rules forbid conversion of foreign earnings into rupees to detriment of exporters",
        "url": "https://urgent.news/2026/10/16/no-meddling-as-middlemen-in-forex-conversion-by-banks-new-rules",
        "published": "2026-10-16T19:21:02.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}