The foreign currency exchange services in Bhubaneswar follow the foreign exchange norms of the Indian republic.
The companies providing foreign currency exchange services in Bhubaneswar offer customized FOREX (short form for Foreign Exchange) products to different FOREX customers. The companies providing foreign currency exchange services in Bhubaneswar are banks (both government and private) and private foreign exchange dealers.
The empirical description of foreign currency exchange services in Bhubaneswar are:
• FOREX products for exporters: The foreign currency exchange services in Bhubaneswar provide pre-shipment credit for exporters in Rupee currency. The pre-shipment Credit in Foreign Currency (PCFC) is given at internationally competitive rates. Export bill discounting is also done.
• FOREX products for importers: Letter of Credits are issued. Buyers are given a line of credit.
• Forward Contracts: The foreign currency exchange services in Bhubaneswar offer foreign currency traveler cheques. They also offer Bid Bonds and execution and transmission of payment order through SWIFT.
The liberalization of the Indian economy has brought profound changes in the foreign currency exchange services in Bhubaneswar . Foreign exchange is now freely available. The norms of foreign currency exchange services in Bhubaneswar are as follows:
• Business visit abroad: For a visit to another country for business purposes, a maximum limit of USD 25000 is imposed.
• Private travel: The limit is USD 10000 per calendar year.
• Participation in international conferences and seminar: The maximum limit is USD 25000 irrespective of the duration of the program.
• Medical treatment: The limit for medical expenses is USD 100000. This amount can be increased if required.
Last Updated on 27 July 2012
