Foreign Exchange -Details to reduce your headaches and make travel easy
Foreign Exchange is one of the most critical requirements for a traveller. And we are here to help you procure it. At present this service is available for Indian nationals only. Just email your request at travel@easyindia.com . Do state your requirements specifically and we'll get in touch with you . We also provide useful information on foreign currency rules and regulations.
Foreign Exchange Management Act
Business Visits against Foreign Hospitality
Foreign Exchange Management Act
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.
Basic Travel Quota
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).
Forex under Business Visits
Eligible Travelers Documentation Quantum of Exchange Eligible Travelers
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.
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. Back to Top 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.
Entertainment Allowance Eligible Travelers
Documentation Quantum of Exchange Eligible Travelers
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.
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.
Quantum of Exchange Up to US $ 300 per day per person for a period.
Business Visits against Foreign Hospitality
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.
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.
Other Conditions