Utility Schemes

 
Forex

Forex Products | Authorised Dealer Branches
Liberalized Release of Foreign Exchange to Resident

Forex Products

For Exporters:

• Pre-shipment Credit (Packing Credit) in Rupee Currency
   
• Pre-shipment Credit in Foreign Currency (PCFC) at internationally competitive rates
   
• Post-shipment Credit by way of
  
  Negotiation of bills - under Letter of Credit Purchase/ Discount of bills advance against collection bills Export Bill Rediscounting.

For Importers:

• Issue of sight/ usance Letter of Credits
   
• Buyers line of credit.

Other Services:

Inward and outward foreign exchange remittance.

Forward Contracts:

Issue of Guarantee/ Bid Bonds

Instant encashment of travelers cheques and foreign currency notes tendered by the tourists

Execution/ Transmission of Payment Order through SWIFT

Issue of foreign currency Travelers' Cheques

Fully computerized online dealing room operations (with the help of Reuter Monitor Dealing System) to offer finer exchange rates.

Authorised Dealer Branches

To extend the above service promptly and efficiently, our Bank has a countrywide network of 30 authorised dealer branches at different centres.

We maintain foreign currency accounts (NOSTRO) with 16 reputed international banks.

Liberalized Release of Foreign Exchange to Resident:

If you are a resident in India, you can avail foreign exchange from authorized branches of our Bank without any hassles for the following purposes:

1. Business Visit abroad: For business visit abroad, you can avail upto USD 25000
   irrespective of period of stay abroad.
    
2. Private Travel: You can avail foreign exchange upto USD 10000/- per calendar
   year for tourism or any other private travel purpose for traveling to countries other than Nepal and Bhutan.
    
3. Participation in International Conference/ Seminars, Specialized Training abroad: You can avail foreign exchange upto USD 25000/- irrespective of the duration of the programme.
    
4. Study Abroad: You can avail foreign exchange upto USD 100000/- or upto the
   estimate from the Institution abroad, whichever is higher, per academic year.
   Further, Student can also avail benefits of Non Resident Indian during their stay
   abroad.
    
5. Medical Treatment: You can avail foreign exchange upto USD 100000/- or upto
   the estimate from Doctor or hospital in India or overseas to meet the expenses
   for medical treatment abroad.
   
   Foreign exchange upto USD 25000/- per person for meeting boarding/ lodging/
   travel expenses of the patient and also the accompanying attendant.
    
6. Employment abroad: Foreign exchange upto USD 100000/- can be availed for the purpose.
    
7. Emigration: Foreign exchange upto USD 100000/- or amount prescribed by
   country of emigration.
    
8. Maintenance of close Relatives Abroad: Foreign exchange upto USD 100000/-
   per year can be availed for the purpose.
    
9. Gifts/ Donations : Foreign exchange upto USD 5000/- per remitter/ donor per
   calendar year can be remitted.
    
10. Liberalized Remittance Scheme of USD 25000/- for Resident Individuals:
    Resident Individuals can remit upto USD 25000/- per calendar year for
    acquiring and holding immovable property or shares or any other asset
    including maintenance of account abroad outside India.
     
11. Other Current Account Transactions: Foreign exchange can also be freely drawn for all other bonafides current account transactions on production of documentary evidence to the satisfaction of Bank. All you need to remember that there are certain activities such as lottery, racing etc., for which no foreign exchange is allowed; whereas for some activities foreign exchange can be released within specified limit only.
    

Resident Foreign Currency (Domestic) Account:

You can open a non-interest bearing Resident Foreign Currency (Domestic) Account denominated in foreign currency by depositing foreign currency (a) Saved from your trip abroad (b) Received as honorarium during your trip abroad (c) Received as gift from person/s during their visit to India (d) Received from a person on a visit to India for services rendered to him in India.

The balances held in the account can be used for any purpose for which foreign exchange can be bought from a bank in India.

Special Features of liberalized schemes:

1. Endorsement of foreign exchange purchased on passport is optional.
    
2. International Credit Cards/ ATM Cards/ Debit Cards can be used outside India for making payment for permissible expenses/ permissible imports to the extent of limit of the card.
    
3. Remittances for misc. purposes upto USD 5000/- can be made without production of any document, merely on simple application cum declaration form provided the Rupee equivalent is being paid by debit to account, cheque or by demand draft.
    
4. Foreign exchange can be purchased from any of our authorized branch by deposit of cash if foreign exchange is equivalent to INR 50000/- only, otherwise payment has to be made by way of a crossed cheque/ pay order/ banker's cheque/ demand draft only.
    
5. Foreign exchange can be purchased 60 days ahead of the journey date. In case journey is not undertaken within 60 days, the foreign exchange must be surrendered to a Bank.
    
6. On returning to India, the unspent foreign exchange in the form of cash must be surrendered to a Bank within 90 days and Traveler cheques within 180 days. However, out of unspent amount foreign exchange upto USD 2000/- can be retained by you for future use. Foreign exchange in coins can be retained for an indefinite period without any limit.
    
7. Foreign exchange can be brought to India without any limit. However, exchange brought must be declared to custom authorities in Currency Declaration Form in case cash is more than USD 5000/- and Cash and TCs taken together are for more than USD 10000/-.
    
8. You can borrow from NRI close relatives upto USD 250000/- repayable after 1 year.