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Foreign Exchange is one of the most critical requirements
for a traveler. And we are here to help you procure
it. Just email your request at info@sharpholidays.com
. Do state your requirements specifically
and we'll get in touch with you through our service
providers, within 24 hours. We also provide useful
information on foreign currency rules and regulations.
Sale
of Foreign Exchange to public under Foreign Exchange
Management Act (FEMA), 1999.Foreign Currency in
the form of notes or coins is allowed to be sold
to out-going Indian travelers other than:
- Transit
passengers with foreign passports.
- Holders
of Foreign passports who have open dated or
return tickets issued outside India.
|
Category
of Traveler
|
Limits
|
| All
travelers proceeding outside India other than
to Bangladesh, Bhutan and Nepal |
.Foreign
Currency Notes and Coins up to US $500 or
its equivalent. |
| Travelers
proceeding to Bangladesh. |
In
Foreign Currency Notes and Coins up to equivalent
of INR 100 for a person. |
It
is necessary to verify from the travelers tickets
that:
- They
are traveling to the particular destination
and are about to leave India and that they are
eligible for sale according to the destinations
indicated on the tickets.
- The
tickets should be confirmed and indicate that
the date of departure is not later than 60 days
from the intended release of Foreign Exchange.
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With
effect from 1st June, 2000 resident Indian citizens
including infants are allowed to receive Foreign
Exchange not exceeding US $5000 or its equivalent
in aggregate, in one calendar year for one or
more personal visits abroad (except to Nepal and
Bhutan) as against the quantum of exchange allowed
under BTQ (para 10 of FLM).
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- Eligibility
Travel
- Documentation
- Quantum
of Exchange
Eligibility
Travel |
a)
Those sponsored by firms / companies / organizations
in India.
b) Journalists deputed on short term assignments
abroad by Newspapers / Journals.
c) Self - employed professionals like Solicitors,
Chartered Accountants undertaking visits abroad
in connection with their profession.
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Documentation |
The
traveler is required to produce a letter in duplicate
from the sponsoring firm / company / organization
or by himself / herself in the case falling under
(c) above. The letter should cover the following
points:
- Name,
address, nationality and Passport no. of the
traveler.
- Duration
and nature of visits to each country.
- Amount
of exchange required (not exceeding the quantum
indicated below).
- Certificate
that the expenses are being borne by the sponsor
or by the traveler in the case falling under
(c) above.
In
case requested as Special Allowance, the required
documents are indicated below:
The
letter should include declaration that the traveler
is a Chief / Senior Executive in their organization
(indicating his / her designation) and that he
/ she is entitled to draw exchange at the Special
Scale as per the rules of the organization. The
original letter and duplicate should be retained
for your records.
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|
Quantum
of Exchange |
- Maximum
of USD 25000 on an general Scale up to USD 350
per day or Special Scale for Chief / Senior
Executives like Chairman, Managing / Executive
Director, etc is up to USD 500 per day.
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- Eligibility
Travel
- Documentation
- Quantum
of Exchange
|
Eligibility
Travel |
a)
Chief Executives of Export / Trading / Star Trading
Houses - not exceeding US $ 5000 per trip.
b) Officials of other firms / companies etc. -
not exceeding US $ 2000.
c) Travelers proceeding to Islamic Republic of
Iran, Russian Federation and other with Foreign
Currency Notes and coins up to their full entitlement;
if the traveler so desires similarly exchange
up to two weeks can be drawn in the form of Foreign
Currency Notes and Coins.
d) Sponsored by Trade Bodies such as Chamber of
Commerce.
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Documentation |
Letter
in duplicate from the sponsoring Firm/ Company/
Organization covering the following points:
- Name,
address, nationality and Passport No. of the
traveler.
- Duration
and nature of visits to each country.
- Amount
of exchange required (not exceeding the quantum
indicated below).
- Certificate
that the expenses are being borne by the sponsor
or by the traveler in the case falling under
(c) above.
In
case requested of Special Allowance the required
documents are indicated below:
The
letter should include declaration that the traveler
is a Chief/ Senior Executive in their organization
(indicating his / her designation) and
He
/ she is entitled to draw exchange at the Special
Scale as per the rules of the organization.
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|
Quantum
of Exchange |
Up
to US $ 300 per day per person for a period.
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- Documentation
- Quantum
of Exchange
- Other
Conditions
|
Documentation |
Letter
in duplicate covering following points:
-
Name, address, nationality and passport number
of the traveler.
- Country
of visit and period of stay.
- Name
and address of the host.
- Purpose
of visit.
-
Documentation evidence in support of full hospitality.
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Quantum
of Exchange |
Up
to US $ 500 if the visit is for a period not exceeding
10 days. If the period of visit exceeds 10 days,
US $ 50 per day up to a maximum period of 45 days.
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Other
Conditions |
- The
sale of Foreign Exchange is required to be made
on personal application and identification of
the traveler.
- While
issuing travelers checks, the traveler is required
to sign the checks in the presence of the authorized
official.
- The
foreign exchange is sold after verifying the
passport and passage ticket held by the traveler.
- The
sale of foreign exchange is required to be endorsed
on the passport of the travelers. The stamp
should indicate BTQ / Business Visit as the
case may be over the stamp and signature of
the office releasing foreign exchange.
- The
traveler can also draw foreign exchange towards
BTQ with the business exchange for the same
visit.
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