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The legal framework for administration of exchange control in India is provided by the Foreign Exchange Management Act, Under the Act, freedom has been granted for buying and selling of foreign exchange for undertaking current account transactions.
However, the Central Government has been vested with powers in consultation with Reserve Bank to impose reasonable restrictions on current account transactions. Our experience so far has been that the residents like to get information on several matters relating to various current account transactions and other incidental issues. This pamphlet contains answers to all such questions in simple language. While preparing replies to questions, special care has been taken to ensure that the replies are drafted in simple words and reference to technical details are avoided.
With introduction of the new Act in place of FERA certain structural changes have been introduced and now all transactions involving foreign exchange have been classified either as Capital or Current Account transactions. All transactions undertaken by a resident that do not alter his assets or liabilities outside India are current account transactions.
In terms of Section 5 of the FEMA, persons are free to buy or sell foreign exchange for any current account transaction except for those transactions on which Central Government has imposed restrictions, vide its Notification No. Full text of the said Notification is available in the Official Gazette.
Incidentally, no release of foreign exchange is admissible for any kind of travel to Nepal and Bhutan or for any transaction with persons resident in Nepal and Bhutan. 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? Visits in connection with attending of an international conference, seminar, specialised training, study tour, apprentice training, etc. 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? How much foreign exchange can one buy when going for tourism to a country outside India? In connection with private visits abroad, viz. How much foreign exchange is available to a person going abroad on employment? How much foreign exchange is available to a person going abroad on immigration? These 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.
Dance troupes, artistes, etc. From where one can buy foreign exchange? Foreign exchange can be purchased from any authorised dealer. Besides authorised dealers, full-fledged money changers are also permitted to release exchange for business and private visits. How much foreign exchange can be purchased in foreign currency notes while buying exchange for travel abroad?
Do same Rules apply to persons going for studies abroad? How much in advance one can buy foreign exchange for travel abroad? The foreign exchange acquired for any purpose has to be used within 60 days of purchase. In case it is not possible to use the foreign exchange within the period of 60 days it should be surrendered to an authorised dealer. Can one pay by cash full rupee equivalent of foreign exchange being purchased for travel abroad? Foreign exchange for travel abroad can be purchased from banks against rupee payment in cash up to Rs.
However, if the rupee equivalent exceeds Rs. Within what period a traveller who has returned to India is required to surrender foreign exchange? On return to India can one retain some foreign exchange? Is one required to surrender foreign coins also to an authorised dealer? Remittances exceeding the limit require prior permission from the Reserve Bank.
However, the cards can be freely used in India. Use of these instruments for payment in foreign exchange in Nepal and Bhutan is not permitted. While coming into India how much Indian currency can be brought in? A person coming in to India from abroad can bring in with him Indian currency notes within the limits given below:. While going abroad how much Indian currency can be taken out?
A person going out of India can take out with him Indian currency notes within the limits given below:. While coming into India how much foreign exchange can be brought in? While going abroad how much foreign exchange can a person carry? Residents are free to carry the foreign exchange purchased from an authorised dealer or money changer in accordance with the Rules.
Is one required to follow complete export procedure when a gift parcel is sent outside India? A person resident in India is free to send export any gift article of value not exceeding Rs. How much jewellery one can carry while going abroad? Can a resident open a foreign currency denominated account in India? Persons resident in India are permitted to maintain foreign currency accounts in India under following two Schemes:. Assets held outside India at the time of return can be credited to such accounts.
The funds in RFC account are free from all restrictions regarding utilisation of foreign currency balances including any restriction on investment outside India. Can a person resident in India hold assets outside India? In terms of sub-section 4, of Section 6 of the Foreign Exchange Management Act, , a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India or inherited from a person who was resident outside India.
Skip to main content. Search the Website Search. There is no restriction on residents holding foreign coins. A person coming in to India from abroad can bring in with him Indian currency notes within the limits given below: A person going out of India can take out with him Indian currency notes within the limits given below: Persons resident in India are permitted to maintain foreign currency accounts in India under following two Schemes: Introduction The legal framework for administration of exchange control in India is provided by the Foreign Exchange Management Act,