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of <h1>RBI Doubles Forex Limit for Private Overseas Trips to $10,000 Annually; Applies to All Except Nepal and Bhutan.</h1> The Reserve Bank of India has increased the limit for releasing foreign exchange for private visits abroad from US$ 5,000 to US$ 10,000 per calendar year for resident individuals, excluding travel to Nepal and Bhutan. This change, effective as of November 18, 2002, is part of a liberalization effort. Applications for amounts exceeding this new limit must be submitted to the Reserve Bank's Regional Office via Authorized Persons. These instructions are issued under the Foreign Exchange Management Act, 1999, and Authorized Persons are advised to inform their clients about this update.
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