Release of Foreign Exchange for Visits Abroad – Clarification regarding Currency Component
IN terms of A.P. (DIR Series) Circular No. 19 dated October 30, 2000 and A.P. (DIR Series) Circular No.11 [A.P. (F.L. Series) Circular No.1] dated November 13, 2001 Authorised Dealers and Full Fledged Money Changers are permitted to sell foreign exchange in the form of foreign currency notes and coins, up to USD 2,000 or its equivalent , to the travellers proceeding to countries other than Iraq, Libya, Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States.
The existing limits have been reviewed and it has been decided to increase this ceiling, with immediate effect to USD 3,000 (US Dollar Three thousand only) to the travellers proceeding to these countries, without the prior permission from the Reserve Bank.
A.P. (DIR Series), A.P. (FL Series) Circular No. 7, CIRCULAR NO. 50/ RBI ., Dated: May 4, 2010