Can foreign exchange for travel abroad be purchased from banks against rupee payment in cash ?
A person can purchase foreign exchange for travel abroad against payment in cash if the rupee equivalent payable by him does not exceed Rs. 50,000. If the rupee value of foreign exchange exceeds Rs. 50,000, the entire payment should be made by way of a crossed cheque drawn on applicant’s bank account or the bank account of the firm/company sponsoring the visit. Payment in such cases can also be made in the form of a banker’s cheque/ pay order/demand draft, provided such instrument is accompanied by a certificate from the issuing bank that the funds for the instrument have been received by debit to the customer’s bank account.
