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Liberalisation of Release of Foreign Exchange for Medical Treatment
Abroad
A.P.
(DIR Series) Circular No. 17 dated 12th September 2002
Attention
of authorised dealers (ADs) is invited to item No.9 of Schedule III to G.S.R.381
(E) dated May 3, 2000 in terms of which they are empowered to release foreign
exchange to residents for meeting expenses for medical treatment abroad on
production of an estimate from the doctor in India or hospital/doctor abroad.
2.
With a view to enable residents to avail of foreign exchange for medical
treatment without any hassles and any loss of time, it has now been decided that
authorised dealers may release foreign exchange upto an amount of USD
50,000 or its equivalent for medical treatment abroad, without insisting on any
estimate from a hospital/doctor.
3.
Accordingly, authorised dealers may release foreign exchange upto USD
50,000/- or its equivalent for medical treatment outside India, on the basis of
a declaration from the applicant that he is buying exchange for medical
treatment outside India, provided the payment for purchase of foreign exchange
is being made by a cheque or debit to the applicant account or by demand draft.
4.
Authorised Dealers may bring the contents of the circular to the notice
of their constituents concerned.
5.
The directions contained in this circular have been issued under Section
10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of
1999).
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