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Date: 06/09/2002
Procedure for Release of Foreign Exchange for Medical
Treatment Abroad Liberalised

With a view to enabling residents to avail of foreign exchange for medical treatment abroad without any hassles and any loss of time, it has now been decided that authorised dealers may release foreign exchange upto US$50,000, for medical treatment outside India, without insisting on any estimate from a doctor or hospital, on the basis of a declaration of requirement given by the applicant, provided the payment for purchase of such foreign exchange is being made by cheque or by debit to the applicants account.

Under the existing Regulations residents can purchase foreign exchange from authorised dealers in India for medical treatment outside India, on production of an estimate from a doctor or hospital giving the likely expenses involved in the treatment.

The Reserve Bank has been reviewing the existing rules and regulations relating to the foreign exchange transactions by residents in India, and a number of measures have been taken in the recent past towards procedural simplifications and liberalisation of the existing procedures. As a further step in this direction, the procedure for release of foreign exchange for medical treatment is being simplified.

Detailed guidelines on revised procedure are being issued to authorised dealers.

Alpana Killawala
General Manager

Press Release : 2002-2003/264

 
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