| Date: |
23-11-2001
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| Notification No: |
RBI A P D (Series)Circular No 12/2001
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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 private visit abroad - Endorsement on Passport
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Release of Foreign Exchange for private visit abroad - Endorsement on
Passport
A.P.
(F.L. Series) Circular No. 2
In
terms A.P. (DIR Series) Circular No.20/A.P. (F.L. Series) Circular No.2 dated
November 16, 2000, authorised persons are required to invariably endorse on the
traveller's passport, the amount of foreign exchange sold for tourism and
private purposes, under their stamp, date and signature.
2.
With a view to further simplifying the procedures, it has now been
decided that henceforth ADs and FFMCs need not make any endorsement on the
passports of the travellers availing of foreign exchange for tourism and private
purposes. Accordingly, on the basis of a declaration given by the traveller
regarding the amount of foreign exchange availed of during a calendar year, ADs/
FFMCs may release exchange for travel for tourism and private purposes.
Travellers can, however, seek endorsement on their passports, of foreign
exchange released, at their option, if they consider it necessary for their
record.
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).
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