FOREX REGULATIONS

Reserve Bank of India is the deciding authority on all foreign Exchange matters.

Marco Polo Travels and Tours is an FFMC – Fully Fledged Money Changer.

Full Fledged Money Changers are entities licenced by the RBI under section 7 of the foreign exchange regulations act, 1973.
Buying Forex From Us:
We are eligible to issue forex under Business quota & Basic travel quota….in other words… forex can be released for Business & Entertainment / Leisure related purpose only to Indians & Foreigners who have a residential permit in India.
Forex cannot be sold to people just across the counter on payment of INR only for overseas travel, for this proof of journey to be produced such as Passport, Visa, Return air ticket (in original).

If it’s a business travel, then a letter has to be given by the sponsoring company on their company letter-head and signed by their authorized signatory.
If the travel is a leisure trip….then a BTQ form has to be filled-in by the traveler, passport, ticket, and visa original has to be produced….which we ill check and photo copy of the same will be retained with us as a proof of travel.

RBI has restrictions on accepting INR currency for forex purchases – cash can be accepted uptil Rs.50000/- only..if the total value exceeds this amount then a single mode of payment..either by Cheque, Payorder or a DD is required.

SELLING FOREX TO US:
For encashment of forex upto USD 1000/- INR currency can be exchanged over and above this an account payee cheque will be issued. Foreigners, NRIs or Indians can encash or sell forex to us, on providing proof of identity (usually passport copy) and proof of residence address.

BRINGING IN AND TAKING OUT FOREX FROM INDIA:
Foreign exchange in any form can be brought into India freely without any limit provided it is declared on the Currency Declaration Form (CDF) on arrival.
Declaration is mandatory if the forex brought into our country is equivalent to USD 10000/-and above.
Taking out forex in any form, other than the forex obtained from an authorised dealer or a money changer is prohibited unless special permission is taken from RBI.

NRI’s & Foreigners can take out an amount not exceeding the amount originally brought in by them… again it is possible on proof provided by them….this type of transaction is called the “Reconversion”.

For every transaction…certificates of memos should be made …original to be kept by the traveler and the copy with the establishment.

Money changers should display at a prominent place a chart indicating rates of purchase and sales of forex along with the Licence number with its validity period.
Always transact Forex purchase and sale with reputed organisations to avoid being misguided Forex violations are offences punishable by law.