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January 2009

A.P. (DIR Series) Circular No. 40 dated, 10-12-2008 — Foreign Exchange Management Act, 1999 — Foreign travel — Mode of payment in Rupees.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
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Part C : RBI/FEMA

Given below are the highlights of certain RBI Circulars.

23 A.P. (DIR Series) Circular No. 40 dated, 10-12-2008 — Foreign Exchange Management Act, 1999 — Foreign travel — Mode of payment in Rupees.

Presently, payment for purchase of foreign exchange for travel abroad can be made in cash if the amount does not exceed Rs.50,000. Where the amount exceeds Rs.50,000, payment can be made by a crossed cheque/Banker’s cheque only.

 

This Circular provides that apart from the above modes, payment for purchase of foreign exchange can be made by the purchaser through his own debit card/credit card/prepaid card.

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