Any traveller who travels overseas on Business is entitled to draw USD 25,000 or its equivalent under the Business Travel (LERMS) scheme. The traveller can however draw foreign exchange in the form of currency notes up to a maximum of USD 2000 or its equivalent and the balance should be necessarily in the form of Travellers Cheques or Foreign Currency Pre-paid cards.
Documentation :
The traveller will have to complete a pre-printed Basic Travel Quota form and sign the same after completing all relevant information.
(Copy of Template attached–Exhibit 1 ) The traveller will have to submit Copy of his/her Passport, Copy of Ticket and Copy of Visa.
Endorsement on the passport is not mandatory – However any traveller who insists on endorsement of passport will be provided with endorsement entry.
Mode of Payment :
A traveller can choose to pay in cash up to Indian Rupees 50,000. However in case of cash payment the passenger has to submit a copy of his/her PAN card. In case the transaction is above INR 50,000, then the traveller has to necessarily pay in the form of Bank Draft or Local cheque drawn on a Nationalized bank / Multinational Bank or Scheduled banks.Jagsons Forex Pvt.Ltd reserves the right to verify the authenticity of the draft by contacting the draft issuing bank. In case the payment is by way of Cheque, Jagsons Forex Pvt.Ltd will release the exchange only on realization of cheque and the amount is credited in favour of Jagsons Forex Pvt.Ltd.
Encashment :
A traveller is entitled to retain unused foreign exchange up to USD 2000 or its equivalent. If the traveller wishes he/she can encash the said foreign exchange.Jagsons Forex Pvt.Ltd reserves the right to refuse any encashment transaction if the company feels that the foreign currency notes are ingenuine.
