Move 2 India - faqs page 1

Some of the commonly or frequently asked questions by residents in connection with foreign exchange facilities or restrictions have been answered in following paragraphs.
How much exchange is available for a business trip?
Authorised dealers can release foreign exchange up to US$25,000 for a business trip to any country other than Nepal and Bhutan. Release of foreign exchange exceeding US$25,000 for a travel abroad (other than Nepal and Bhutan) for business purposes, irrespective of period of stay, requires prior permission from Reserve Bank. Visits in connection with attending of an international conference, seminar, specialised training, study tour, apprentice training, etc., are treated as business visits. Visit abroad for medical treatment and/or check up also falls within this category.

Can one obtain additional foreign exchange for medical treatment outside India?
A person visiting abroad for medical treatment can also obtain foreign exchange upto the amount recommended by the doctor or hospital abroad for his treatment. This exchange is to meet the expenses involved in treatment and in addition to the amount referred to in paragraph 1 above.

How much exchange is available for studies outside India?
Release of foreign exchange for studies abroad up to the estimate given by an institution abroad or US$30,000 per academic year, whichever is higher, does not require prior permission from the Reserve Bank.

How much foreign exchange can one buy when going for tourism to a country outside India?
In connection with private visits abroad, viz., for tourism purposes, etc., foreign exchange up to US$5,000, in any one calendar year may be obtained from an authorised dealer. The ceiling of US$5,000 is applicable in aggregate and foreign exchange may be obtained for one or more than one visits provided the aggregate foreign exchange availed of in one calendar year does not exceed the prescribed ceiling of US$5,000 {The facility was earlier called B.T.Q or F.T.S.}. This US$5,000 (BTQ) can be availed of by a person alongwith foreign exchange for travel abroad for any purpose, including for employment or immigration or studies. However, no foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.

How much foreign exchange is available to a person going abroad on employment?
Person going abroad for employment can draw foreign exchange upto US$5,000 from any authorised dealer in India.

How much foreign exchange is available to a person going abroad on immigration?
Person going abroad for immigration can draw foreign exchange upto US$5,000 per person from any authorised dealer in India. This amount is only to meet the incidental expenses in the country of migration. No amount of foreign exchange can be remitted outside India to become eligible or for earning points or credits for immigration. All such remittances require prior permission of the Reserve Bank.

Is there any purpose for which going abroad requires prior approval from the Reserve Bank or Govt. of India?
Dance troupes, artistes, etc., who wish to undertake cultural tours abroad, should obtain prior approval from the Ministry of Human Resources Development, Government of India, New Delhi.
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