No documents needed for earning forex: RBI
By Our Banking Bureau | 28 Sep 2002
Mumbai: The Reserve Bank of India (RBI) has announced that no documents are required to be produced by bona fide applicants for obtaining necessary foreign exchange in five categories, including $5,000 for tourism, in a calendar year.
The other cases are business travel up to $25,000 per trip, studies up to $30,000 per year, medical treatment up to $50,000 and gifts or donations up to $5,000 in a year.
But, for remittance or purchase of foreign exchange for all these eligible purposes, the payment is to be made by a cheque drawn on the applicants bank account or by a demand draft. The apex bank also said that international credit cards, ATM cards and debit cards can be used on the Internet also for any purpose for which exchange can be purchased from an authorised dealer in India.
