Is permission of the Reserve Bank required for purchase of foreign exchange for travel abroad?
No. Authorised dealers viz., banks authorised to deal in foreign exchange, have been permitted to release foreign exchange for travel abroad for various purposes subject to certain guidelines. For the convenience of the public, persons/firms holding full-fledged money-changer’s licences from the Reserve Bank have also been delegated powers for release of exchange for certain limited purposes.
No, authorised dealers viz., banks authorised to deal in foreign exchange, have been permitted to release foreign exchange for travel abroad for various purposes subject to certain guidelines. For the convenience of the public, persons/firms holding full-fledged money-changer’s licences from the Reserve Bank have also been delegated powers for release of exchange for certain limited purposes.
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