[sbinews] Forex Facilities for Residents (Individuals) -RBI Website
- From: rspai@xxxxxxxx
- To: sbinews@xxxxxxxxxxxxx
- Date: Thu, 18 Dec 2003 06:42:21 +0500
Forex Facilities for Residents (Individuals) (As on October 1, 2003)
Private Travel
Foreign exchange upto US$ 10,000 in any calendar year for tourism or private
travel to any country other than Nepal and Bhutan on the basis of
self-certification. For travel to Nepal and Bhutan Indian currency can be taken
without limit except Indian currency notes of denominations of Rs.500 and above.
Study Abroad/Medical treatment abroad/Employment abroad/Emigration/ Maintenance
of close relatives abroad
Foreign exchange upto US$ 100,000 on the basis of self-certification. For
students the limit of $100,000 is applicable for each academic year. For
medical treatment in addition to $100,000, foreign exchange upto US$ 25,000 can
be taken for meeting boarding/lodging/travel expenses of the patient and also
the accompanying attendant on self-certification. Amounts in excess of the
limits can be released on basis of documentary evidence of requirement.
International Credit Cards
International Credit Cards can be used for:
meeting expenses /making purchases while abroad without any limit
making payment in foreign exchange for purchase of books and other items
through Internet.
Residents holding a foreign currency account in India or with a bank overseas
are also free to obtain ICCs issued by overseas banks and other reputed
agencies.
Remittance for Miscellaneous Purposes upto US$ 500
Remittances can be made upto US$ 500, for any miscellaneous purpose, without
the production of any document.
Gifts and Donations
Gifts /donations can be made to anybody upto US$ 5,000 every year per remitter
on self certification.
Other Current Account Transactions
Foreign exchange can be freely drawn for all other bonafide current account
transactions (other than those which are restricted or are subject to specific
limits) on production of documentary evidence to the satisfaction of the
Authorised Dealer.
Surrender of Foreign Exchange on Return
Foreign exchange upto US$ 2,000, in the form of foreign currency notes or
travellers' cheques (TCs) can be retained indefinitely for future use. Amounts
in excess of $2000 have to be surrendered to a bank within 90 days and TCs
within 180 days of return or credited to RFC(D) account. Foreign coins can be
retained indefinitely without any limit.
Resident Foreign Currency (Domestic) Account
Residents can open Resident Foreign Currency (Domestic) Account with a bank in
India for crediting:
unspent balances after travel abroad
currency ,TCs, bank drafts received as gifts from or for services rendered to
non resident while in India
foreign exchange earnings received, through banking channel, as honorarium,
consultancy, royalty, for any services or towards exports of goods
RFC(D) accounts are NOT interest bearing and there is no ceiling on the
balances that can be built up in these accounts. The balances held in these
accounts can be used for any purpose for which foreign exchange can be bought
from a bank in India.
ESOP Scheme
A resident individual, who is an employee or a director of an Indian office or
branch of a foreign company or of a subsidiary of a foreign company or of an
Indian company in which the foreign equity holding is not less that 51 per
cent, can make remittances for the acquisition of foreign securities under
Employees Stock Option (ESOP) Scheme without any monetary limit. The scheme is
subject to the condition that the shares are offered at a concessional price.
Portfolio Investment - Overseas
Resident individuals can invest without any monetary limit in equity and debt
instruments of overseas companies listed on a recognised stock exchange which
have the shareholding of at least 10 per cent in an Indian company listed on a
recognised stock exchange in India (as on 1st January of the year of the
investment).
Receipt of dis-investment proceeds/Sponsored ADRs/GDRs
Resident shareholders of Indian companies, who offer their shares for
conversion to ADRs/GDRs under the Scheme of Sponsored ADRs/GDRs can receive the
sale proceeds in foreign currency or credit it to their RFC (D) Account.
Purchase of air tickets
Residents may extend hospitality to non-residents towards booking of their air
tickets or book tickets against prior inward remittance.
Residents may book tickets in India for their visit to any third country sector
e.g., London/New York through domestic/foreign airlines.
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