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 Travelers
Documentation
Quantum of Exchange
ELIGIBLE TRAVELERS
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.
DOCUMENTAITON
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.
QUANRUM 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 Travelers
Documentation
Quantum of Exchange
ELIGIBLE TRAVELERS
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 FOREIGN HOSPITALITY
Documentation
Quantum of Exchange
Other Conditions
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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