Increase in release of foreign exchange for private visits abroad
A.P. (DIR Series) (2002-2003) Circular No. 51, dated 18-11-2002
In
terms of Item No. 2 of Schedule III to the Government of India’s Notification
No. GSR 381(E) dated May 3, 2000, Authorised Persons (APs) are required to
obtain prior permission of the Reserve Bank to release foreign exchange
exceeding US $ 5,000 or its equivalent to resident individuals in one calendar
year, for one or more private visits to any country (except Nepal and Bhutan).
2. As a
measure of further liberalization, the above limit has been enhanced to US $
10,000 or its equivalent. Applications, for release of foreign exchange
exceeding the above limit, may be submitted to the concerned Regional Office of
the Reserve Bank, through the Authorised Persons.
3. Authorised
Persons may bring the contents of the 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).