Forex Services - Dispute on Exchange rate
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- Currency exchange rates vary from one vendor to another.
- Compare the exchange rates quoted by authorized money changers in your area and choose the one you like the best.
- Foreign exchange outlets at airports generally exchange currencies at a higher commission.
- Avoid dealing with unregistered forex traders as they might dupe you.
- Always purchase forex from an Authorised Dealer (AD) i.e. any person authorized to deal in foreign exchange or foreign securities by the RBI under Section 10(1) of FEMA, 1999. You can demand them to furnish the certificate for the same.
- Request for a bill of the transactions to avoid trouble.
If you still find an issue, contact Resolver to raise a complaint.You should know
If you face an issue with the Foreign Exchange Service Provider, You may:
- Lodge the complaint in writing (online/offline) at the consumer care department of the concerned branch of your bank. Specify all the essential details and documents to support your complaint.
- If the Bank is unable to resolve the issue you may contact the Grievance Redressal Officer of the concerned Bank. Thereafter you may approach the Principal Nodal officer.
- Thereafter, take the complaint to the Internal banking ombudsman.
- If still not satisfied, escalate the matter to the External Banking Ombudsman, appointed by the RBI.
- If the issue still persists, you may lodge the complaint with RBI online by accessing the website of the Reserve Bank, under the link ‘For Common Person’ on the Home page.
- The Award by the Ombudsman is not binding on the Non-Banking Financial Company (NBFC) or the complainant as they have the right to appeal against the decision of the Ombudsman before the Appellate Authority. In case the NBFC doesn't comply with the directions, you can approach the RBI directly.
- Further, you may also take a long route by taking the bank to the Consumer Court.
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