A.D.(M.A.Series) Circular No.30, October 21, 1999

Sales to Public under General authority
To
All Authorised Dealers in Foreign Exchange
All Authorised Full-fledged Money-Changers

Dear Sirs,

Sales to Public under General authority

Attention of authorised dealers and full-fledged money-changers is drawn to paragraph 3E.7 of Exchange Control Manual and paragraph 9 of Memorandum FLM, in terms of which branches/offices of authorised dealers (including exchange bureaux at airports and seaports) and full-fledged money-changers, respectively, are allowed to sell foreign currency notes and coins to certain categories of outgoing passengers. Presently, under these provisions, travellers proceeding to Bangladesh are eligible for release of foreign currency notes/coins up to the equivalent of Rs.100 per person. It has now been decided to raise this limit to U.S.$ 50 or its equivalent per person.

2. The following consequential amendments may be carried out in the Exchange Control Manual and Memorandum FLM.

Exchange Control Manual

Volume I

i) The existing paragraph 3E.7 may be replaced by slip 1.

Memorandum FLM

ii) The existing paragraph 9 may be replaced by slip 2.

3. Authorised dealers may bring the contents of this circular to the notice of their concerned constituents.

4. The directions contained in this circular have been issued under Section 73(3) of the Foreign Exchange Regulation Act, 1973 (46 of 1973) and any contravention or non-observance thereof is subject to the penalties prescribed under the Act.

Yours faithfully,
B. MAHESHWARAN
Chief General Manager

Slip 1
[AD/MA 30/1999]

Sales to Public under General Authority
3E.7 Branches/offices of authorised dealers (including their exchange bureaux at airports and seaports) may sell foreign currency notes and coins upto U.S.$ 50 or its equivalent per person to outgoing travellers, other than (i) transit passengers who are holding foreign passports, (ii) passengers holding foreign passports and travelling on open-dated return tickets issued outside India and (iii) travellers proceeding to Bhutan and Nepal, after verifying from the travellers’ passage tickets that they are about to leave India and have not availed of U.S.$ 50 from city/town office of an authorised dealer. Authorised dealers’ branches/offices in the city/town area should sell foreign currency notes/coins not earlier than 30 days from the date of departure on production of a confirmed journey ticket. All such sales should be endorsed on the travellers’ passports.

NOTE: The facility in this paragraph may also be extended to eligible travellers who are proceeding out of India by land route, at the branches of authorised dealers, if any, operating at the Land Customs Stations on the concerned routes.

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Slip 2
[AM/FL 4/1999]

Sales to Public under General Authority
9. Money changers may sell to residents, proceeding overseas to countries other than Bhutan and Nepal, foreign currency notes and coins upto U.S.$ 50 or its equivalent per person. Such sale should not be made earlier than thirty days from the date of departure as evidenced by a confirmed journey ticket and should be endorsed on the passport.

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