Question : RELEASE OF FOREIGN EXCHANGE QUESTION



(a) whether the release of foreign exchange not exceeding US$ 25,000/- to a person irrespective of period of stay for business purpose has been made effective from June 1, 2000;

(b) if so, whether the Government have since evaluated the outgo of foreign exchange under the new scheme.

(c) if so, the comparative figures of foreign exchange roll-out till December, 2000 under the revised orders vis-…-vis comparative figures for the last year;

(d) whether the new scheme is likely to dwindle the foreign exchange reserve of the country; and

(e) if so, the details thereof?

Answer given by the minister

MINISTER OF FINANCE IN THE MINISTRY OF FINANCE (YASHWANT SINHA)

(a): Yes Sir,

(b) to (e): Since a liberal approach of allowing US$ 25,000/- to a person, irrespective of period of stay, for business travel has been in operation for slightly over 9 months only, no calculation regarding outflows under this scheme has been made as yet.