| Date: |
13-11-2001
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| Notification No: |
RBI A P D (Series)Circular No 11/2001
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
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| Subject: |
Release of foreign exchange for visits abroad - Currency Component
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|
Release of foreign exchange for visits abroad - Currency Component
A.P.
(FL Series) Circular No. 1
Authorised
dealers as well as Full Fledged Money Changers are permitted to sell foreign
exchange in the form of foreign currency notes and coins upto US$ 500 or its
equivalent to travellers proceeding to countries other than Iraq, Libya, Islamic
Republic of Iran, Russian Federation and other Republics of Commonwealth of
Independent States. It has been decided to increase this ceiling to US$ 2,000
(US Dollar Two thousand only) to the travellers proceeding to these countries
without prior permission from the Reserve Bank. Authorised dealers and Full
Fledged Money changers may accordingly sell foreign exchange in the form of
foreign currency notes and coins upto US$ 2,000 or its equivalent out of the
overall foreign exchange released to them.
2.
Authorised persons may bring the contents of circular to the notice of
their constituents concerned.
3.
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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