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RBI Rules & Regulations – Foreign Exchange Services

Purpose of Eligibility Quantum of Exchange Documentation


Remittance
 Resident Indian Nationals.  Up to a total of US$ 10000 or its  Request cum FEMA Declaration form
 Foreign Nationals equivalent per resident individual for release of exchange under
permanently resident in on a financial year basis. personal visit scheme
India are also eligible to  Out of which maximum of USD  Form A2 or Simplified Application
avail of this quota provided 3000 or its equivalent in Currency cum Declaration up to USD 5000
the applicant is not notes per visit and rest in Travelers equivalent
availing of facilities for Cheques for all the countries  Original passport for pages showing
remittance of his salary, except for travel to Iraq, Libya, name, address, valid visa & passport
savings etc. abroad in Islamic Republic of Iran, Russian number and validity should be verified
terms of the existing Federation and other Republics of by the Counter Staff & details to be
FEMA regulations. Commonwealth of Independent noted on the request form Confirmed
 Foreign born wife of Indian States. ticket-showing travel within 60 days of
Personal / nationals.  Individual traveling to countries like taking foreign exchange should be
Private /  Children endorsed on Nepal & Bhutan are not eligible to verified & details of the ticket number
Leisure Visits parent’s passport are also withdraw foreign exchange under should be noted on the request form
eligible for full entitlement. this scheme. by Counter Staff.
 For Travelers proceeding to Iraq or  Request form should have the
Libya exchange in the form of undertaking from the Counter Staff
currency notes may be sold up to that all originals including the
limit not exceeding USD 5000 or its passport & he/she has dully verified
equivalent per resident individual the ticket. Photocopies need to be
on a financial year basis. kept.
 For Travelers proceeding to the  Photocopy of the crossed account
Islamic Republic of Iran, Russian payee cheque /draft or pay order
Federation and other Republics of along with debit advice.
Commonwealth of Independent  If the applicant is a foreign national
States entire exchange can be permanently resident in India, he/she
released in the form of currency should give an undertaking on the
notes. application itself that he/she is
 Foreign exchange quota for permanently resident in India and is
personal visit can be availed over & not availing of facilities for remittance
above the specified amount under of his/her salary. Saving etc. abroad
all other schemes for release of in terms of existing FEMA
foreign exchange. Regulations.
Exceptions to be noted by Counter Staff:
 Visa may not be insisted upon in cases where travel is to a country-offering visa on arrival. However, undertaking for the same may
be obtained
 For Airline staff open ticket may be accepted. Proof of Airline staff may be kept in record.
 Executives sponsored by  Up to USD 25000 per business trip  Request cum FEMA Declaration form
firms/companies/organizat irrespective of period of stay for release of exchange under
ions in India.  Release of exchange beyond USD business visit scheme on company’s
 Participation in 25000 for a single business visit letterhead, duly signed by Authorized
Sales to international conferences requires prior approval of RBI. official of the company.
Business Visit /seminars which are of a  Exchange may also released to  A - 2 form (Only for the amounts
scientific, technical or foreign nationals if the visit is exceeding USD 5000 equivalent.)
educational nature. sponsored by the  Incase of Travel for a conference /
 Specialized training /study company/firm/organization in India seminars the brochure giving full
tour sponsored by where they are employed on particulars of the
institutions or undertaken regular basis. Conference/seminar shall also be
by professionals Like  If a passenger plans to club both submitted along with the application.
Doctors. Conference and business visit  In case of Travel related to Training /
together the entitlement remains Study tours the details of training
only up to a maximum of USD /study tour along with a letter from
25000. the overseas institutions agreeing to
 Personal Visit entitlement can be provide necessary facilities for the
availed over and above the training /study tour, and certifying
specified amount under this that the expenses are being borne by
scheme the organization.
 All the above documents to be kept
on record along with Copy of Cash
Memo.

USD 100,000  Resident Indians  Request cum FEMA Declaration form


Employment  Employment Visa / Work Permit for release of exchange by filling the
abroad and letter from the overseas relevant portion as per the type of
employer remittance.
 Photocopy of the passport having
valid visa in case the remittance is for
employment, education abroad, and
medical treatment and for permanent
emigration.
 A - 2 form (Only for the amounts
exceeding USD 5000 equivalent.)
 For application fees in case of foreign
education or processing fees for
immigration, valid visa is not
required.

Maintenance of USD 100,000  Resident Indians can remit to their  Request cum FEMA Declaration form
Close relative (per year, per recipient) close relative who are Non resident for release of exchange by filling the
abroad (by and require funds abroad for their relevant portion as per the type of
resident Indian) maintenance. remittance.
 Photocopy of the passport having
valid visa in case the remittance is for
employment, education abroad, and
medical treatment and for permanent
emigration.
 A - 2 form (Only for the amounts
exceeding USD 5000 equivalent.)
 For application fees in case of foreign
education or processing fees for
immigration, valid visa is not
required.

Maintenance of Not exceeding net salary  By resident but not permanently  Request cum FEMA Declaration form
Close relative (after deduction of taxes, resident in India and for release of exchange by filling the
abroad contribution to provident fund  Is a citizen of a foreign state other relevant portion as per the type of
(By resident but and other deductions) than Pakistan or remittance.
not  Is a citizen of India, who is on  Photocopy of the passport having
permanently deputation to the office or branch or valid visa in case the remittance is for
resident in subsidiary or joint venture in India employment, education abroad, and
India) of such foreign company medical treatment and for permanent
emigration.
 A - 2 form (Only for the amounts
exceeding USD 5000 equivalent.)
 For application fees in case of foreign
education or processing fees for
immigration, valid visa is not
required.
 Resident Indian  Request cum FEMA Declaration form
USD 100,000  Confirmed admission in overseas for release of exchange by filling the
college/university/educational relevant portion as per the type of
Education ( Academic year) institution. remittance.
abroad  Student holding Indian passports  Photocopy of the passport having
FES: Agreed who had earlier gone abroad for valid visa in case the remittance is for
pursuing studies without availing of employment, education abroad, and
exchange, can avail foreign medical treatment and for permanent
exchange for the balance period of emigration.
the course  A - 2 form (Only for the amounts
 Students holding foreign passports exceeding USD 5000 equivalent.)
dependent on their parents resident  For application fees in case of foreign
in India education or processing fees for
immigration, valid visa is not
required.

Medical USD 100,000  Resident Indian  Request cum FEMA Declaration form
treatment  Must be suffering from an ailment for release of exchange by filling the
abroad requiring specialized treatment relevant portion as per the type of
Resident Indian abroad. remittance.
proceeding for  Resident Indian fallen sick after  Photocopy of the passport having
permanent proceeding abroad valid visa in case the remittance is for
emigration  Going abroad for Medical Check employment, education abroad, and
abroad Up. medical treatment and for permanent
(needs to be emigration.
confirmed)  A - 2 form (Only for the amounts
exceeding USD 5000 equivalent.)
 For application fees in case of foreign
education or processing fees for
immigration, valid visa is not
required.
Medical Exceeding USD 100000 on  
treatment submission to AD of an
abroad for estimate from the Doctor in
Resident Indian India or hospital/ doctor
abroad.
USD 100,000 or amount  Resident Indian Proceeding for  Request cum FEMA Declaration form
Emigration prescribed by country of permanent emigration abroad for release of exchange by filling the
Emigration (lower of the two) relevant portion as per the type of
remittance.
 Photocopy of the passport having
valid visa in case the remittance is for
employment, education abroad, and
medical treatment and for permanent
emigration.
 A - 2 form (Only for the amounts
exceeding USD 5000 equivalent.)
 For application fees in case of foreign
education or processing fees for
immigration, valid visa is not
required.

 All Resident Individuals  USD 200,000 Requirements to be complied with the


including Minors are  The facility will be per financial year remitter (Customer)
eligible to avail the facility basis (April-March).  Request cum FEMA Declaration form
under the scheme.  Limit of USD 200,000 under the for release of exchange
 The facility will not be Scheme would also include  The remitter individual will have to
available to corporate, remittances towards Gift and designate our branch through which
partnership firms, HUF, donation by a resident individual. all the remittances under the scheme
Trusts, etc.  Purpose will be made.
 This facility is available for making  Application cum declaration duly
Remittance remittance up to USD 200,000 per filled in all respect and signed by the
under financial year basis (April-March) applicant is to be taken.
Liberalized for any current or capital account
Remittance transactions or a combination of Requirements to be complied by Branch
Scheme both. Counter (Counter Staff)
 Under this facility, resident  To Comply with KYC & AML
individuals will be free to acquire Guidelines while allowing the facility
and hold immovable property or  If the applicant is an existing account
shares, units of Mutual Funds or holder, he should have maintained
any other asset outside India and the account for a period of one year.
will also able to open and maintain  If the applicant is a new customer,
and hold foreign currency accounts Counter Staff must take respective
with a bank outside India for confirmation from the respective
making remittances under the branch that they have carried out due
scheme. The foreign currency diligence on the opening, operations
account may be used for putting & maintenance of the account
through all transactions connected  Obtain the bank statements from the
with or arising from remittances applicant for to check the source of
eligible under this scheme. funds. If unavailable, please ask for
 Gift. latest Income Tax Statement Order/
 Donation Return filed by the applicant / PAN
 Purchase of objects of Art.  In case the applicant doesn’t have
 Remittance of funds for acquisition account with us, in that case the
of ESOPS. payment to be taken in the form of
Cheque drawn on applicants
accounts/ debit to his account or by
Demand Draft/ Pay Order.
 The remitting office (CPU) must
certify that remittance is not being
made directly or indirectly to ineligible
entities and follow RBI guidelines.

Exceptions to be noted by Counter Staff


 Remittance for any purpose specifically prohibited under Schedule-I (like purchase of lottery/sweep stakes, tickets proscribed
magazines etc) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules,
2000.
 Remittance made directly or indirectly to Bhutan, Nepal, Mauritius or Pakistan.
 Remittances made directly or indirectly to countries identified by the Financial Action Task Force (FATF) as “non co-operative
countries and territories” (as available on FATF website) viz Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru,
Nigeria, Philippines and Ukraine.
 Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of
terrorism as notified separately by the Reserve Bank to the Banks. FES: Agreed
 Transactions in the nature of remittance for margins or margin calls to overseas exchanges/overseas counterparty are not
allowed under the Scheme.
 It is clarified that the banks should not allow any kind of credit facilities to resident individuals to facilitate remittances under the
Scheme.
Traveler traveling abroad on Quantum of Exchange is not specified  Letter from the Client duly signed
personal/Leisure visit or in the RBI Circulars by their authorized signatories
Remittances business visit can remit up to a clearly indicating the following
for Tour reasonable limit towards his details/particulars : -
Arrangements hotel accommodation, tour  Request for the remittance with the
(At the arrangements, etc., in the currency, amount and date of
request of the countries proposed to be visited remittance. [In case of difference in
traveler) by him, provided it is out of amount between underlying
foreign exchange purchased by document/s against the actual
the traveler from us (including remittance amount, such
exchange drawn for private adjustments should be explicitly
travel abroad) stated along with the reason and
final net amount to be remitted
should be specified]
 Purpose of Remittance
 Debit authority – authorizing the
bank to debit their INR/EEFC
account with us towards the
amount of remittance and our
charges / commission and
 Beneficiary & Bank details for
remittance.
 Form A2 – Dully filled – in and
signed by authorized signatories
 FEMA Declaration format duly
signed by authorized signatories

Agents in India, having a good Amount as per the invoice of the  Agent’s Declaration from the client
track record and satisfying all overseas hotels/agent within the to the effect that the remittance is
KYC norms, and have tie up prescribed limits of personal / business being made out of the foreign
Remittances arrangements with visit Forex quota as mentioned above. exchange purchased by the
for Tour hotels/agents, etc., abroad for concerned traveler from an
Arrangements providing hotel accommodation authorized person (including
(At the or making other tour exchange drawn for private travel
request of the arrangements for travelers from abroad) in accordance with the
Agent) India, provided the remittance is Rules, Regulations and Directions
made out of foreign exchange in force.
purchased by the concerned  That he (agents) has received
traveler from us or from an the undertaking from the travelers
authorized person (including in addition to the normal required
exchange drawn for private conditions applicable for release of
travel abroad) foreign exchange that the traveler
has/will purchase the foreign
exchange from the Authorized
person only and within the
prescribed limits (including the
amount now being remitted
abroad as advance payment) in
accordance with the Rules,
Regulation and Direction in force.
 That he will take care and follow
up that the tour/services for which
the advance is being/has been
remitted should be executed and
ensure that the beneficiary of
advance remittance has fulfilled his
obligation under the
Contract/agreement/tie-up and will
inform the Bank with in reasonable
time from the completion of
the Tour and undertake to
repatriate the unspent advance
remittance, if any.

Remittances  Private Visits As mentioned Above  AD-II dealer shall submit an


for Restricted  Remittance by tour application form with details and
Authorized operators / travel agents etc. also confirming customers KYC
Dealers  Business travel compliance for affecting the
(Are they  Fee for participation in remittance.
Category II global conferences  Covering letter from the AD II
AD s?)  Film shooting providing the complete applicant /
 Remittance for participation remitter and beneficiary details &
in international events / also certifying the KYC norms are
competitions complied with.
 Medical Treatment abroad  FEMA Declaration duly signed by
 Disbursement of Crew the AD II.
wages  Completed A2 form if applicable (
 Overseas Education for cases over USD 5000)
 Remittance under  Payment needs to be collected by
educational tie up way of draft /cheque from the debit
arrangements with of the AD II account. (In case of
universities cheque remittance need to be
 Remittance towards exam effected after cheque realization).
fees for exams held in India  AD-II customer to submit 5 % of the
/ abroad and for additional transaction documents to the bank
score sheets for GRE, on a random basis for audit
TOEFL, etc. purpose.
 Employment and
processing, assessment
fees for intending migrants
 Emigration
 Visa fees.

RBI Master Circulars

Master Circular on Remittance Facilities for Non-Resident Indians /


Persons of Indian Origin / Foreign Nationals –
Master Circular No.04/2009-10 RBI/2009-2010/24

Master Circular on Miscellaneous Remittances from India –


Facilities for Residents
Master Circular No.05 /2009-10 RBI/ 2009-10/25
Circular on USD 3000 Limit in BTQ