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Home > Foriegn Exchange
Foriegn Exchange Management Act
Sale of Foreign Exchange to public under Foreign Exchange Management
Act (FEMA), 1999. Foreign Currency in the form of notes or coins is
allowed to be sold to out-going Indian travelers other than:
- Transit passengers with foreign passports.
- Holders of foreign passports who have open
dated or return tickets issued outside India.
Category of Traveler:
All travelers proceeding outside India other than to Bangladesh, Bhutan
and Nepal.
Limit:
Foreign Currency Notes and Coins up to US $500 or its equivalent.
Category of Traveler:
Travelers proceeding to Bangladesh.
Limit:
In Foreign Currency Notes and Coins up to equivalent of INR 100
for a person.
It is necessary to verify from the traveler's tickets that:
- They are traveling to the particular destination
and are about to leave India and that they are eligible for sale according
to the destinations indicated on the tickets.
- The tickets should be confirmed and indicate
that the date of departure is not later than 60 days from the intended
release of Foreign Exchange.
Basic Travel Quota
With effect from 1st June, 2000 resident Indian citizens including infants
are allowed to receive Foreign Exchange not exceeding US $5000 or its
equivalent in aggregate, in one calendar year for one or more personal
visits abroad (except to Nepal and Bhutan) as against the quantum of exchange
allowed under BTQ (para 10 of FLM).
Forex Under Business Visits
Eligible Travellers
- Those sponsored by firms / companies / organizations in India.
- Journalists deputed on short term assignments abroad by Newspapers
/ Journals.
- Self - employed professionals like Solicitors, Chartered Accountants
undertaking visits abroad in connection with their profession.
Documentation
The traveler is required to produce a letter in duplicate from the sponsoring
firm / company / organization or by himself / herself in the case falling
under (c) above. The letter should cover the following points:
- Name, address, nationality and Passport no.
of the traveler.
- Duration and nature of visits to each country.
- Amount of exchange required (not exceeding
the quantum indicated below).
- Certificate that the expenses are being borne
by the sponsor or by the traveler in the case falling under (c) above.
- In case requested as Special Allowance, the required
documents are indicated below:
The letter should include declaration that the traveler is a Chief
/ Senior Executive in their organization (indicating his / her designation)
and that he / she is entitled to draw exchange at the Special Scale
as per the rules of the organization. The original letter and duplicate
should be retained for your records.
Quantum of Exchange
Maximum of USD 25000 on an general Scale up to USD 350 per day or Special
Scale for Chief / Senior Executives like Chairman, Managing / Executive
Director, etc is up to USD 500 per day.
Entertainment
Allowance
Eligible Travellers
- Chief Executives of Export / Trading / Star Trading Houses -not
exceeding US $ 5000 per trip.
- Officials of other firms / companies etc. - not exceeding US $ 2000.
- Travelers proceeding to Islamic Republic of Iran, Russian Federation
and other with Foreign Currency Notes and coins up to their full entitlement;
if the traveler so desires similarly exchange up to two weeks can
be drawn in the form of Foreign Currency Notes and Coins.
- Sponsored by Trade Bodies such as Chamber of Commerce.
Documentation
Letter in duplicate from the sponsoring Firm/ Company/ Organization covering
the following points:
- Name, address, nationality and Passport No. of the traveler.
- Duration and nature of visits to each country.
- Amount of exchange required (not exceeding the quantum indicated
below).
- Certificate that the expenses are being borne by the sponsor or
by the traveler in the case falling under (c) above.
In case requested of Special Allowance the required documents are indicated
below:
- The letter should include declaration that the traveler is a Chief/
Senior Executive in their organization (indicating his / her designation)
and
- He / she is entitled to draw exchange at the Special Scale as per
the rules of the organization.
Quantum Exchange
Up to US $ 300 per day per person for a period.
Business Visits against Foriegn Hospitality
Documentation :
Letter in duplicate covering following points:
- Name, address, nationality and passport number of the traveler.
- Country of visit and period of stay.
- Name and address of the host.
- Purpose of visit.
- Documentation evidence in support of full hospitality.
Quantum of Exchange
Up to US $ 500 if the visit is for a period not exceeding 10 days. If
the period of visit exceeds 10 days, US $ 50 per day up to a maximum period
of 45 days.
Other Conditions
- The sale of Foreign Exchange is required to be made on personal
application and identification of the traveler.
- While issuing travelers checks, the traveler is required to sign
the checks in the presence of the authorized official.
- The foreign exchange is sold after verifying the passport and passage
ticket held by the traveler.
- The sale of foreign exchange is required to be endorsed on the passport
of the travelers. The stamp should indicate BTQ / Business Visit as
the case may be over the stamp and signature of the office releasing
foreign exchange.
- The traveler can also draw foreign exchange towards BTQ with the
business exchange for the same visit.
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