A.P. (Dir Series) (2000-2001) Circular No. 20, dated 16-11-2000
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 U.S. $ 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.