By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
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New Page 2
Part B : Indirect Taxes
Part C : RBI/FEMA
45 A.P. (DIR Series) Circular No. 50, dated 4-5-2010 —
Release of foreign exchange for visits abroad — Currency component.
Presently, travellers proceeding to countries other than
Iraq, Libya, Islamic Republic of Iran, Russian Federation and other Republics of
Commonwealth of Independent States are permitted to carry foreign exchange in
the form of foreign currency notes and coins, up to US $ 2,000 or its
equivalent.
This Circular has increased this limit from US $ US $ 2,000
or its equivalent to US $ 3,000 or its equivalent with immediate effect, without
the prior permission from the Reserve Bank. Accordingly, travellers proceeding
to countries other than Iraq, Libya, Islamic Republic of Iran, Russian
Federation and other Republics of Commonwealth of Independent States are
permitted to carry foreign exchange in the form of foreign currency notes and
coins, up to US $ 3,000 or its equivalent. However, travellers proceeding to
Iraq or Libya are permitted to carry US $ 5,000 or its equivalent, out of the
overall foreign exchange released and travellers proceeding to the Islamic
Republic of Iran, Russian Federation and other Republics of Commonwealth of
Independent States can carry the full entitlement of foreign exchange in the
form of foreign currency notes and coins.
