Reserve Bank of India Guidelines for Business Travellers, Foreign Exchange & Money Changers,
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BUSINESS VISIT


As per the Reserve Bank of India statutes the Business traveller can avail of foreign currency notes, travellers cheques and prepaid travel currency cards up to USA $25,000/- per business trip in a variety of currencies. With Sophesticated Services Available with KAPNOX one can easily releive of all the other requirements and concentrate on their Travel.


Reserve Bank of India statutes


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 3000 (May 04 Notif (ication) equivalent per visit.

Documents
One time documentation
- Copy of partnership deed/Memorandum & Articles of Association/Certif (icate 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 – Format available with KAPNOX Forex
- Copy of valid photo Ids of authorized signatories as mentioned in the authorization letter
Transaction Documents
- $_GET 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 certif (ying 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.

 

 

The following form may be forwarded to us on the original Letterhead of the company, along with your passport and ticket

 
 
The Manager,
KAPNOX FOREX PVT. LTD.

Dear Sir,
Date :               
Sub : Release of Foreign Exchange for Business Visit.
  We $_GET you to release exchange as detailed below to Mr/Ms.________________________(designation)______________________ who is proceeding abroad on company’s business.

Currency

Amount
in Cash

Amount in
Travellers Cheques

Preffered T/C
Denominations

 _________

_____________

_________________

______________

 _________

_____________

_________________

______________

The details are given below for your necessary action:
1. Name :
2. Residential Address :
3. Nationality :
4. Passport No.                   Date of issue :
5. Airline & Ticket No.
6. Date of Departure:
7. Country/Countries to be visited :
8. Nature of business visit in each country :
 
 
         We certif (y that the expenses are borne by our organisation. We declare that the foreign exchange drawn will be used for the purpose stated above. We further declare that this transaction will not involve and is not designed for the purpose of any contravention or evasion of the provisions of FEMA or of any rule, regulation, notif (ication, direction or order made thereunder.

         We enclose herewith passport, air ticket, and our cheque no. _______________ drawn on_______________________________for Rs.__________towards release of exchange.


Yours faithfully,
__________________
Authorised Signatory

 

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