21 September 2011
Dear Expert, Release of exchange exceeding US $ 10,000 or its equivalent in one calendar year, for one or more private visits to any country (except Nepal and Bhutan) require prior approval of RBI except where the payment is made from RFC Account.
Suppose I visited Foreign and incurred the exp more than US $ 10,000/- My question is how could I get prior approval while I had already cross the limit.
Bcoz foreign currency easily available outside the airport by the agents and I can get as much as I want.
21 September 2011
In case you have exchanged the money you have filled the form that form it self will be the approval of RBI and expenses incurred from such amount will be allowed no further approval is required.
CAclubindia
