Release of Foreign Exchange for Small Value Remittances

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..... Exchange for Small Value Remittances Attention of authorised dealers (ADs) is drawn to the sub-section (5) of Section 10 of the Foreign Exchange Management Act (FEMA), 1999, which provides that an authorised person shall before undertaking any transaction in foreign exchange on behalf of any person require that person to make such a declaration and to give such information as will reasonably s .....

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..... Authorised Dealers need not obtain any document as long as exchange is being purchased for a permissible transaction and the amount does not exceed USD 500 or its equivalent and the payment is made by a cheque drawn on the applicant's bank account or by a Demand Draft. 4. Authorised Dealers may bring the contents of the circular to the notice of their constituents concerned. 5. The directions .....

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