Business visits abroad — foreign exchange - not to be endorsed on passport

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.... Bank of India vide D.O. No. EC.CO. PCD 20/15.02.68/99-2000 dated August, 2000 has informed that the practice of endorsement on the passports of the foreign exchange released to the traveler is being dispensed with in the case of all types of business travellers. As regards the individual travellers on private visits, the endorsement of foreign exchange released will continue as there is a prescri....

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....99 (42 of 1999) have come in force with effect from 1 st June, 2000. In the Rules and Regulations made under the Act, restrictions on release of foreign exchange for travel abroad have been considerably liberalised. Under current Rules a person going on business trips can avail of exchange upto US$ 25,000 from an authorised dealer or a full-fledged money changer. Further, in the case of business t....

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....case of all types of business travel. As regards the individual travellers on private visits i.e. travellers availing of Basic Travel Quota (BTQ), the practice of endorsement of foreign exchange released will continue as there is a prescribed ceiling per calender year. We are proposing to introduce the change with effect from 18th September, 2000. You are requested to inform, suitably, all the C....