|
Endorsement on passport of foreign exchange released to the passenger -
Instructions
Circular No. 78 dated 18th September 2000
The Reserve Bank of India vides D.O. No. EC.CO. PCD
20/ 15.02.68/ 99-2000 dated August, 2000 has informed that the practice of
endorsement on the passports of the foreign exchange released to the traveller
is being dispensed with in the case of all types of business travellers. As
regards the individual travellers on private visits, the endorsement of foreign
exchange released will continue, as there is a prescribed ceiling of Basic
Travel Quota per calendar year.
The change is proposed to come into effect from 18th
September, 2000. A copy of RBI's letter referred to above is enclosed for
information and necessary action.
D.O. No. EC.CO. PCD.20/ 15/ 02.68/ 99-2000 dated
August 2000
Exchange Control regulations presently require
authorised dealers and full-fledged moneychangers to endorse on the passports
the foreign exchange released to the travellers. The practice has been in vogue
for quite sometime. There have been frequent representations from various
quarters for dispensing with the requirement of endorsement on the passport.
You are aware
that the new regulations under Foreign Exchange Management Act, 1999 (42 of
1999) have come in force with effect from 1st June, 2000. In the Rules and
Regulations made under the Act, restrictions on release of foreign exchange for
travel abroad have been considerably liberalised. Under current Rules a person
going on business trips can avail of exchange upto US$ 25,000 from an authorised
dealer or a full-fledged moneychanger. Further, in the case of business
travellers who are travelling on official business, the foreign exchange is
drawn against payment made by the companies or the Government department or
Public Sector Undertakings etc. As such in case of need the relevant details can
be obtained from the concerned organisation. Similarly, where exchange has been
drawn against International Credit
Card full details are available with the
card-issuing organisation. In order to make the entire process of release of
foreign exchange for travel abroad more customers friendly and to minimise the
number of entries in the passports it is necessary that the requirement of
endorsement on passports should be dispensed with.
In view of the foregoing we are dispensing with the
requirement of endorsing the release of foreign exchange on passports in the
case of all types of business travel. As regards the individual travellers on
private visits i.e. travellers availing of Basic Travel Quota (BTQ), the
practice of endorsement of foreign exchange released will continue, as there is
a prescribed ceiling per calendar year.
We are proposing to introduce the change with effect
from 18th September 2000. You are requested to inform, suitably, all the Customs
Officials of the changes being introduced to avoid inconvenience to travellers.
On hearing from you we will issue suitable instructions to authorised persons
(authorised dealers and full-fledged money changers).
We also request you to send us a copy of the letter
addressed to Customs Offices/ Check Posts for our record.
|