Zuari Forex Ltd

What are the basic requirements for obtaining foreign exchange to travel abroad?
The traveler should possess a valid passport authorising travel to the countries proposed to be visited, and a ticket issued for a journey to those countries.
What are the various purposes for which foreign exchange can be drawn by a traveler?
A traveler can draw foreign exchange for private visits, business visits, participation in conferences/seminars, specialised training, study tour, higher studies, medical treatment or for employment/emigration abroad, etc.
How many days before the commencement of a journey can a traveler draw foreign exchange?
Sixty days. The ticket held by the traveler should be for a journey commencing not later than sixty days from the date of withdrawal of foreign exchange.

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Can foreign exchange for travel abroad be purchased against rupee payment in cash?
A person can purchase foreign exchange for travel abroad against payment in cash if the rupee equivalent payable by him does not exceed Rs. 50,000. If the rupee value of foreign exchange exceeds Rs. 50,000, the entire payment should be made by way of a crossed cheque drawn on applicant's bank account or the bank account of the firm/company sponsoring the visit. Payment in such cases can also be made in the form of a banker's cheque/pay order/demand draft.
Can a person get the foreign exchange in the form of foreign currency notes/coins?
Foreign exchange will be released by banks in the form of foreign currency notes/coins up to U.S. $2000 or its equivalent and the balance in the form of travelers cheques/citi world money card/demand draft/mail transfer/telegraphic transfer.
Is there any exception to this rule?
Yes. Travellers proceeding to Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States are released foreign exchange in the form of foreign currency notes and coins up to their full entitlement, if the travelers so desire.

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Can a traveler remit a part of his foreign exchange entitlement for his hotel accommodation, tour arrangements etc., without the prior approval of the Reserve Bank?
Yes, out of his exchange entitlement a traveler can send advance remittances up to reasonable limits through an authorised dealer towards his hotel accommodation, tour arrangements, etc., to the countries proposed to be visited by him.
Can a traveler buy tickets in India for surface transportation abroad?
Yes. A traveler can buy tickets in India for surface transportation abroad against payment either in rupees or in foreign exchange from approved agents of overseas rail/road transport organisations.
Can a traveler buy telephone cards in India to be used abroad?
Yes. A traveler going abroad other than for employment or emigration can buy pre-paid telephone cards in India against payment in rupees from approved Indian agents of overseas companies.

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Can residents hold any foreign currencies with them and take out such currencies held during their visits abroad?
Yes. The Reserve Bank has granted general permission to persons resident in India to hold foreign currency/ies up to U.S. $ 2000/- or its equivalent for personal purposes. They are also permitted to take out the foreign currency/ies so held during their visits abroad over and above the foreign exchange purchased for purposes of travel.
Whether unspent foreign exchange brought back to India is required to be surrendered by a traveler?
Yes. He can, however, retain foreign currency upto U.S. $ 2000/- or its equivalent (including foreign exchange, if any, already held by him) for personal purposes, under the general permission given to persons resident in India to hold foreign currency and surrender the balance within 180 days after his return to an authorized dealer or a money-changer against payment in rupees.
What is the time limit for surrender of foreign exchange already drawn, if the journey is cancelled?
In the event of cancellation of the journey, foreign exchange drawn by a traveler should be surrendered within 30 days from the date on which he comes to know that the foreign exchange drawn cannot be used for the travel.

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If the journey is postponed, can a traveler retain the foreign exchange already drawn, for his travel at a later date?
Yes, provided the postponed journey commences within 60 days from the date of drawal of foreign exchange.
Can a traveler take with him any Indian currency when he goes abroad?
A traveler can take with him Indian currency notes and coins while going abroad (other than to Nepal) up to Rs. 5000/-. Persons going to Nepal can take Indian currency notes of the denominations up to Rs. 100 and Indian coins without any limit.
How much amount of Indian currency can a traveler bring back while returning from abroad?
Persons returning from Nepal can bring Indian currency other than notes in the denominations exceeding Rs. 100 without limit. Persons returning from other countries can bring Indian currency up to Rs. 5000/- which was taken out by them while going on a temporary visit abroad.

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Are there any restrictions to bring foreign exchange by persons visiting India?
No. The Reserve Bank has granted general permission to incoming travelers to bring foreign currency into India from any place outside India without limit, provided they declare to the Customs authorities, on arrival at the airport/seaport, the particulars of all such foreign currency brought in on the Currency Declaration Form (CDF). The declaration is necessary if the aggregate value of the foreign exchange brought in, in the form of currency notes, bank notes or travelers cheques at any one time exceeds U.S. $ 10,000 or its equivalent and/or the aggregate value of currency notes alone exceeds U.S. $ 5000/- or its equivalent.
Is it necessary for a person to obtain permission of the Reserve Bank for undertaking travel abroad?
No. Tickets for travel abroad can be freely purchased by residents from any airline/shipping company or their agents in India.
Is permission of the Reserve Bank required for purchase of foreign exchange for travel abroad?
No. Authorised dealers viz., banks authorised to deal in foreign exchange, have been permitted to release foreign exchange for travel abroad for various purposes subject to certain guidelines. For the convenience of the public, persons/firms holding full-fledged money-changer's licences from the Reserve Bank have also been delegated powers for release of exchange for certain limited purposes.

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Private Visits

Is a resident eligible for foreign exchange for private visits abroad?
Yes, under the Basic Travel Quota Scheme.
What is Basic Travel Quota Scheme (BTQ)?
Under the Basic Travel Quota (BTQ) scheme, resident Indian citizens are permitted to purchase foreign exchange up to U.S. $ 10000/- its equivalent for undertaking in a calendar year one or more private visits to any country abroad (except Nepal and Bhutan). The foreign exchange can be purchased directly from any branch of an authorized dealer or from a full-fledged money-changer(FFMC).
Who are eligible for drawal of exchange under the scheme?
All resident Indian citizens are entitled to draw full BTQ of U.S. $ 10000/- per year.
Can a person holding a student visa and proceeding abroad for studies get exchange under BTQ?
Yes.

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Can travel under BTQ be combined with visits for other purposes also?
Yes, travel under BTQ can be combined with visits for business, conference, seminar, training, study tour, Haj pilgrimage and employment. Persons emigrating from India and drawing foreign exchange for that purpose cannot, however, draw additional exchange under BTQ.
Can a traveler avail of BTQ on outbound (one way) ticket also?
Yes.
Is BTQ facility available for more than one visit?
Yes, a person can avail of BTQ for more than one visit abroad, provided the total foreign exchange drawn in a calendar year does not exceed U. S. $ 10000/- or its equivalent.
Can the unspent balance surrendered to an authorized dealer be drawn again while undertaking a second visit in the same year?
No

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Business Visits

What is the procedure for drawal of foreign exchange for business visits abroad?
The sponsoring firm/company/organization (the applicant in cases of self-employed professionals) should make an application for the release of exchange to an authorized dealer or an authorized full-fledged money-changer by a letter, in duplicate, indicating the name, address, nationality, passport number, duration, nature of visit to each country, foreign exchange required and a certificate from the employer stating that the expenses are being borne by them.Exchange up to U.S. $ 25,000 can be released by authorized dealers regardless Of the duration of the visit.
What is the procedure for availing exchange facility for participation in international conferences/seminars?
Applicant should submit to an authorised dealer a letter in duplicate from the sponsoring institution (from the applicant in case of self-employed professionals). The application should indicate the name, address, nationality and passport number, duration of visit, foreign exchange required and a certificate from the employer that the expenses are being borne by them. A brochure giving full particulars of the conference/seminar should also be submitted along with the application. If the exchange asked for does not exceed U.S. $ 25000, it will be released by authorized dealers regardless of the duration of the visit and the per diem rate of exchange.

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Specialised Training/study tour/apprenticeship Training

What is the procedure for availing foreign exchange for specialized training/study tour abroad?
Applicant should submit to an authorized dealer a letter in duplicate from the sponsoring organization (from the applicant in cases of self-employed professionals). The application should indicate the name, address, nationality, passport number, details of training/study tour, country to be visited and foreign exchange required along with a letter from the overseas institution agreeing to provide the necessary facilities for training/study tour
How much foreign exchange can be availed of for specialized training/study tour?
If the exchange asked for does not exceed U.S. $ 25000, it will be released by authorized dealers regardless of the duration of the visit and the per diem rate of exchange.

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Studies Abroad

What are the criteria for release of foreign exchange for studies abroad?
Students holding Indian passports and who have secured admission in overseas college/university/educational institution are eligible for release of exchange for studies abroad. Students securing articleship offered by firms of Chartered Accountants in the U. K. are also eligible for the facility..
Can a student desiring to go abroad for school education get foreign exchange?
Yes.
What is the procedure for drawal of exchange for studies abroad?
The student should apply to an authorized dealer in form TRS alongwith his passport, original certificates (along with certified copies) of educational qualifications, syllabus, details of the course of study, tuition fee payable, etc., as also the letter of admission (original as well as certified copy) received from the foreign university/institution indicating the date of commencement of course, degree/diploma it leads to and the duration of the course.

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What is the quantum of foreign exchange released for this purpose?
USD $30,000/- or as per the estimation of tuition fees, Maintenance Expenses etc. given by the university whichever is higher.
What is the total duration for which exchange is released?
Exchange is released for the actual duration of the course as certified by the overseas university/institution.
Can a student who had earlier gone abroad for prosecuting studies without availing of exchange draw exchange for the balance period of studies?
Yes, provided he holds an Indian passport and produces appropriate documentary evidence, indicating that he is continuing studies abroad.

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Employment/Emigration Abroad

How much foreign exchange can a person going abroad on employment avail of?
Up to U.S. $ 10000/-
How much exchange can an emigrating person draw?
Up to U.S. $ 10000/- per person, or amount prescribed by country of emigration, whichever is higher.

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Other Purposes

Can a person avail of exchange for visits abroad for private purposes other than under BTQ Scheme?
Exchange is not normally granted for undertaking private visits abroad except under BTQ scheme. In cases where it is essential for a person to visit abroad for any specific personal reason, Reserve Bank will consider the request on merits.
Are any exchange facilities granted for undertaking pilgrimages outside India?
Exchange facilities for undertaking pilgrimages outside India are granted only for specific pilgrimages. Persons intending to undertake Haj and Ziarat pilgrimages should approach the Haj Committee at Saboo Siddique Musafir Khana, 1st Floor, Lokmanya Tilak Marg, Mumbai, 400 001. Pilgrims intending to visit shrines in Pakistan should approach Shiromani Gurudwara Prabhandhak Committee. Similarly pilgrims intending to undertake the Kailash Mansarovar Pilgrimage should approach Ministry Delhi.

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What is the procedure for availing of exchange facilities for undertaking cultural tours abroad?
Dance troupes, artistes, etc., who wish to undertake cultural tours abroad should apply to the Ministry of Human Resource Development (Department of Education and Culture). Government of India, New Delhi for necessary approval. Authorized dealers will release exchange on the basis of the Ministry's approval.
What is the procedure for availing exchange facility for participation in sports events abroad?
Applicants wishing to participate in sports events abroad should apply to the Department of Youth Affairs and Sports, Ministry of Human Resource Development, Government of India, New Delhi for recommendation. Authorized dealer will release exchange on the basis of this recommendation.The eligibility/entitlement are subject to change from time to time as per notifications issued by the Reserve Bank of India. For further clarification /information, please contact your foreign exchange Dealer.

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