| Date: |
16-11-2000
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| Notification No: |
RBI A P D (Series)Circular No 20/2000
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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: |
Foreign Travel as per Foreign Exchange Management Act, 1999
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Foreign Travel as per Foreign Exchange Management Act, 1999
Attention
of the Full Fledged Money Changers (FFMCs) is invited to paragraph 1 of A.P.
(DIR Series) Circular No. 1/ A.P. (F.L.Series) Circular No. 1 dated June 1,2000
advising them to release foreign exchange not exceeding US$ 5,000 or its
equivalent, (paragraph 10 of FLM) per person, in one calendar year for one or
more private visits and not exceeding US$ 25,000 or its equivalent
(paragraph 11 of FLM) for business travel to countries other than Nepal and
Bhutan.
2.
It is advised that where a person is going abroad for business purposes
it is not mandatory for authorised persons to endorse the amount of foreign
exchange sold for the purpose, on the traveller�s passport. Authorised persons
may, however, if requested by the traveller, record under their stamp, date and
signature details of foreign exchange sold for such travel. Wherever foreign
exchange is sold for a private visit it should invariably be endorsed on the
traveller�s passport under the authorised person�s stamp, date and
signature.
3.
Authorised persons may bring the contents of this circular to the notice
of their constituents concerned.
4.
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) and any contravention or non-observance thereof is subject
to the penalties prescribed under the Act.
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