Section 100 - Foreign Exchange Conservation (Travel) Tax - Finance Act, 1987

100. Foreign Exchange Conservation (Travel) Tax (1) With effect from the date of commencement of this Chapter, there shall be levied on all foreign exchange released for any foreign travel by any person, a tax [hereafter in this Chapter referred to as the foreign exchange conservation (travel) tax] at the rate of fifteen per cent. of the rupee equivalent of the amount of foreign exchange released. (2) In accordance with the rules made under this Chapter, the foreign exchange conservation (travel) tax shall be collected by the authorised dealer or money changer and paid to the credit of the Central Government.