Chapter 8 – Exchange Control in India

Role of RBI

• R Return – Fortnightly data on forex operations
• BAL Statement – Balance in NOSTRO & VOSTRO accounts
• STAT 5 -Transaction in FCNRB deposits
• STAT 8 – Transaction in NRE and NRO account
• NRDCSR – Non-Resident deposit
• International Banking Statics (IBS) – Assets and Liability
• Statement of Remittance send under Liberalized Scheme for Residents
• Statement of Trade credit – Buyer’s Credit & Supplier’s Credit- Monthly
• XOS – Overdue export bills remaining unrealized- Half Yearly
• BEF – Remittance have been effected but proof of imports not submitted by the remitter
• FEMIS – Daily data on forex dealing room operation
• ECB – Actual transaction of ECB

Important Provision of FEMA

Foreign Travel

• Foreign exchange in cash is not more than Rs.50,000/-
• Drawl of exchange for travel to Nepal and Bhutan is Prohibited
• Foreign currency notes and coins can be given by authorise dealers up to:-
  • • Entire amount in case travel to Islamic Republic of Iran, Russian Federation, Other States of Russia
    • Up to USD 5000 for travel to Libya or Iraq
    • Up to USD 3000 in all other cases
• Person resident in India can possess foreign currency note up to USD 2000
• Traveler surrender unspent foreign exchange within 180 days
• Personal and Business Visit- USD 2,50,000 per F.Y.