Foreign Exchange
Preparing for an overseas trip for a first timer or even for a seasoned traveler is always full of anxiety and last minute preparations. One of the important segments is buying Foreign Exchange, in the desired currency and at a fair rate.
We can assist you and caters along with our Principals to:
• Leisure traveler • Businessmen • Migrants • Students • Medical Patients
Products:
• Foreign Currency Bank Notes
• Traveler’s Cheque
• Foreign Currency Demand Drafts
• Pre-paid cards
• Telegraphic Transfer (SWIFT)
• Overseas Travel Insurance
CATEGORIES:
PERSONAL VISIT
Eligibility
- Resident Indians
- Foreign Nationals permanently resident in India
Maximum exchange Availability
Up to a maximum of USD 10,000 or its equivalent in a Financial Year.
CASH Currency component maximum of USD 2000 equivalent per visit.
Documents required for Resident Indian
• Basic Travel Quota form
• Valid original Indian Passport
• Utility Bill (Not older than 3 Months), if the Utility bill is on any other family member name, confirmation & Declaration from the Person
• Copy of Air Ticket
Documents required for Foreign Nationals permanently resident in India
Foreign Nationals - In addition to above documents:
• Declaration for not availing facilities by way of remittance in Foreign Currency & in terms of FEMA regulations.
• Copy of residential permit.
OVERSEAS EDUCATION
Eligibility
- Resident Indians
- Confirmed admission in overseas college / university / educational Institution
- Students holding Foreign Passports and dependent on their parents, resident in India.
Quantum of Exchange
- USD 100,000 per annum towards tuition fees, living expenses, books etc.
- Exchange can be released in travelers’ cheques/draft/TT with maximum currency component of USD 2000 or its equivalent.
Documentation
- Request letter
- Form A-2 with FEMA declaration
- Form I – 20 mandatory for students studying in United States.
- Prospectus, syllabus in original with a certified copy, thereof giving full details of the course of study, tuition fees payable etc.
- Invitation letter for admission in original from overseas university/college indicating the date of commencement of the course, degree / diploma it leads to and the duration of the course.
- Photocopy of Passport along with student Visa.
- Utility Bill (Not older than 3 Months), if the Utility bill is on any other family member name, confirmation & Declaration from the Person
- Confirmed one-way Air Ticket (Only in case of issue of currency/travelers’ cheques).
BUSINESS VISIT
Eligibility
- Employees sponsored by firms/companies/organizations in India
- Journalists deputed on short-term assignments abroad by newspaper companies
- Self-employed professionals going abroad for professional visits
- Participation in international conferences/seminars
- Specialized training/study tour sponsored by institutions or undertaken by professionals
Quantum of Exchange
Avail up to a maximum of USD 25,000 per trip (maximum of 8 trips in a financial year) or its equivalent irrespective of period of stay. Currency component maximum of USD 2000 equivalent per visit.
Documents
One time documentation
- Copy of partnership deed/Memorandum & Articles of Association/Certificate of Incorporation depending on constitution of business entity
- Copy of Shop & Establishment license/VAT registration/Service Tax Registration etc of the entity availing foreign exchange
- Authorization letter
- Copy of valid photo Ids of authorized signatories as mentioned in the authorization letter
- Utility Bill (Not older than 3 Months), if the Utility bill is on any other family member name, confirmation & Declaration from the Person
Transaction Documents
- Request letter from the corporate on company letterhead signed and stamped by authorized signatory of the company.
- In case of travel for a Conference / Seminar, the brochure giving full particulars of the Conference / Seminar should be submitted along with the application.
- In case of travel related to training / study tours, details of training/study tour along with letter from the overseas institution agreeing to provide necessary facilities for the training and certifying that the expenses are being borne by the organization.
Payment: Only A/c Payee cheque/DD/Pay order accepted subject to its realization. Cheques should be issued only from the company that sponsors the trip of the traveler.
EMIGRATION
Eligibility
- Resident Indians proceeding for permanent emigration overseas
Quantum of Exchange
- Up to USD 100,000 per person or the amount prescribed by the country of emigration. Currency component maximum of USD 2000 equivalent.
Documents
- Request Letter
- Form A-2 with FEMA declaration
- Copy of Passport
- Copy of confirmed Air Ticket
- Landing Papers
- Documentary evidence in support of emigration
- Utility Bill (Not older than 3 Months), if the Utility bill is on any other family member name, confirmation & Declaration from the Person
MEDICAL TREATMENT OVERSEAS
Eligibility
- Resident Indian
- Suffering from an ailment that require specialized treatment abroad
- Qualified Doctor should have recommended the treatment
Quantum of Exchange
For the Patient:
Hospitalization: up to USD 100,000 for maintenance expense of the patient going abroad for medical treatment or check up. Currency component maximum of USD 2000 equivalent.
For the Attendant: up to of USD 25,000 for accompanying as attendant to a patient going abroad for medical treatment or check up. Currency component maximum of USD 2000 equivalent.
Documents
- Request letter
- Form A – 2 with FEMA declaration .
- Copies of Medical reports
- Declaration from the applicant that he/she is buying exchange for medical treatment outside India and has not approached any other bank/institution/Authorized Dealer for Foreign Exchange.
- Photocopy of passports of patient and attendant.
- Photocopy of air tickets of patient and attendant.
- Utility Bill (Not older than 3 Months), if the Utility bill is on any other family member name, confirmation & Declaration from the Person
Remittance of Fees participation in global conferences/international events/competitions/exams abroad/employment processing/assessment fees/emigration consultancy fees/Visa Fees/ Processing fees for registration of documents by other governments/Subscription fees to International organization
Eligibility
Resident Indians
Quantum of Exchange
As per actual
Documents
- Request letter .
- Form A-2 with FEMA declaration .
- Utility Bill (Not older than 3 Months), if the Utility bill is on any other family member name, confirmation & Declaration from the Person
- Documentary evidence supporting the requirement
Payment Terms
All payments should be made in advance. Release of foreign exchange shall be made subject to realization of cheque/pay order/demand draft.
Cash accepted for transactions below Rs.50000. “A/c payee” cheque/pay order/demand draft accepted for transactions of Rs.50000 and above.
Payments should have been from customer/guardian/sponsor’s bank a/c.
Others
Personal Visit/BTQ entitlement can be availed over and above the specified amount mentioned in all the above schemes.
Our Principals reserves the right to demand additional documents from the customer in order to satisfy the KYC/AML guidelines of Reserve Bank of India.
The above schemes are not applicable to travel to Nepal & Bhutan
|
