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of <h1>New Circular: Foreign Exchange for Travel Abroad Allows Cash Payments up to Rs. 50,000; Cards Accepted with KYC Compliance.</h1> The circular issued under the Foreign Exchange Management Act, 1999, addresses the mode of payment for foreign exchange related to travel abroad. It allows Authorized Dealers and Full Fledged Money Changers to accept cash payments up to Rs. 50,000 for foreign exchange sales. For amounts exceeding this, payment must be made via crossed cheque, banker's cheque, pay order, or demand draft. Additionally, payments can now also be made through debit, credit, or prepaid cards, provided KYC/AML guidelines are followed, and the cardholder is the purchaser. These directions are issued under specific sections of the Foreign Exchange Management Act, 1999.
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