Foreign exchange release limit for private visits increased; prior Reserve Bank permission required for releases above the prescribed threshold. The permissible release of foreign exchange for resident individuals on private visits abroad has been liberalised by raising the ceiling on releases without prior Reserve Bank permission; releases to Nepal and Bhutan remain excluded. Authorised Persons must submit applications for permission to release amounts exceeding the prescribed ceiling to the Reserve Bank's Regional Office through the Authorised Person channel, and must inform their constituents of the change. The circular is issued under the statutory powers in the foreign exchange law.
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Foreign exchange release limit for private visits increased; prior Reserve Bank permission required for releases above the prescribed threshold.
The permissible release of foreign exchange for resident individuals on private visits abroad has been liberalised by raising the ceiling on releases without prior Reserve Bank permission; releases to Nepal and Bhutan remain excluded. Authorised Persons must submit applications for permission to release amounts exceeding the prescribed ceiling to the Reserve Bank's Regional Office through the Authorised Person channel, and must inform their constituents of the change. The circular is issued under the statutory powers in the foreign exchange law.
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