release of foreign exchange for private visit abroad
Release of Foreign Exchange for private visit abroad - Endorsement on Passport
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).