Foreign Exchange for immigration and Employment abroad

By | August 14, 2015

Foreign Exchange for immigration and Employment abroad

Foreign  Exchange for immigration abroad

Exchange for immigration upto US $ 1,00,000 or amount prescribed by country of emigration is permitted. Exchange can be released on self-declaration basis on submission of application in form A2, without any supporting documents – – Exchange above this limit will require RBI approval. [Item 6 of Schedule III of Foreign Exchange Management (Current Account Transactions) Rules, 2000] [RBI circular No. 3 dated 17-7-2003] Release of foreign exchange for employment, emigration, education, maintenance of close relatives and medical treatment abroad will be on the basis of self-declaration without insisting on supporting documents. However, payment should be received by cheque/draft – RBI circular No. 7 dated 12-8-2003.

Employment abroad

Exchange upto US $ 1,00,000 for persons going abroad for employment is permitted. Exchange can be released on self-declaration basis on submission of application in form A2, without insisting on any supporting documents. Exchange above USD 1,00,000 requires RBI approval [Item 5 of Schedule III of Foreign Exchange Management (Current Account Transactions) Rules, 2000]. [RBI circular No. 3 dated 17-7-2003 and notification dated 5-9-2003].

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