Essel Finance VKC Forex Limited is one of the leading RBI licensed Authorised Category – II Dealer (AD-CAT II) in India. Essel Finance VKC Forex provides wide range of Foreign Exchange solutions with emphasis on customer satisfaction.

Essel Finance VKC Forex Limited offers a wide gamut of Forex products and services under one roof. We bring you hassle-free Currency Exchange services that are provided at competitive rates. Today, we are privileged to work with diversified clients in different industries and capabilities.

As on : 18 May 2017 | 10.07
Currencies Buying Selling
Arab Emirates Dirham 16.56 18.49
Australian Dollar 46.10 49.70
Bahraini Dinar 160.81 181.34
Canadian Dollar 44.23 49.20
Swiss Franc 61.96 69.53
Chinese Yuan 7.38 10.56
Danish Krone 8.96 10.16
Egyptian Pound 2.74 3.77
Euro 68.07 74.71
Pound Sterling 79.28 86.79
Hong Kong Dollar 7.69 8.93
Jordanian Dinar 81.01 93.49
Japanese Yen / 100 54.49 60.14
Kuwaiti Dinar 188.10 217.68
Malaysian Ringgit 13.53 16.05
Norwegian Krone 7.12 8.04
New Zealand Dollar 41.14 47.16
Omani Rial 156.92 177.01
Qatari Rial 16.71 18.61
Saudi Riyal 16.22 18.28
Swedish Krona 6.86 7.74
Singapore Dollar 42.70 49.53
Thai Baht / 100 166.15 201.61
US Dollar 61.16 67.43
South African Rand 4.35 5.04
CHINESE YUAN 7.34 10.50
Board of Directors
Subodh Kumar Chairman

A 1977 batch IAS officer, Mr. Kumar has had held many noticeable and high impact positions within the Government of India during his long illustrious career. He has served as the Finance Secretary and Sales Tax Commissioner for the State of Maharashtra. He was also a Joint Development Commissioner in the Ministry of small-scale industry and a Textile Commissioner in the Ministry of Textile with the Government of India.

As former Municipal Commissioner of Mumbai Municipal Corporation, Mr. Kumar is most notably credited with initiating critical modifications to the development control regulations, thereby, drastically reducing the manipulation in building industry, providing level playing field to all developers and protecting flat buyers in Mumbai.

With over 25 years of rich experience in the areas of Banking, Asset Management, Investment Banking, and Insurance, Mr. Chaturvedi has led several foremost financial companies of India such as Reliance Capital Ltd, ICICI Bank Ltd., Lloyds Finance Ltd., and Dhanlaxmi Bank Ltd in various capacities.

As the Managing Director and CEO, he was instrumental in transforming Dhanlaxmi Bank in a short span of 3 years from a regionally focused bank with a business size of approximately Rs.5800 crores to a pan-India bank with a business of approximately Rs.23,000 crores. Likewise, under his headship, Reliance Capital evolved into a diversified financial services conglomerate and assets under management at Reliance Mutual Fund grew from near Rs.1500 crores to over Rs.90,000 crores.

Amitabh Chaturvedi
Managing Director
Himanshu Mody

Mr. Mody currently heads finance & strategy for the Essel Group. Prior to this, he was the business head for the Essel Group’s sports business. He is also credited with the launch of the ‘Fun Republic’, chain of multiplexes in India as a senior member in its finance team & the Indian Cricket League (ICL) for the Essel Group.

Having worked in various corporate strategy, fund raising & M&A initiatives in his vast 15 years of experience, he brings with him a unique combination of strategic, financial and transactional advisory expertise into the group.

Mr Salil Datar has over two decades of industry experience with leadership roles across Banking, Finance, Marketing & Sales, Cross Selling, Operations etc.

He has a proven track record in leadership roles with leading private sector Banks, Corporates and MNCs executing business plans for startup initiatives, leading large business teams, backing business plan with execution through robust sales processes, leading cross functional teams.

He has successfully launched 100+ bank branches across the country and will use his key strengths at Essel Finance Forex for building and scaling up the business, managing organizational change, design and implementation of enterprise wide strategy with supporting structure and systems.

Previously he has worked with ANZ Grindlays, HSBC, ICICI Bank, Dhanalaxmi Bank. His last role was with SVC Bank where he was Head of Retail Banking and responsible for the entire retail business across 194 branches.

Mr Salil Datar
Chief Executive officer
Rashmi Aggarwal
Independent Director

Dr. Rashmi Aggarwal has been associated with IMT Ghaziabad since 2007, in the area of Economics, Environment and Policy as a Professor of Law. She is currently a Board member of Zee Media Corporation Ltd, Dish TV and Essel Finance VKC Forex Limited as an Independent Director. She is also on some of the Board Sub - Committees like Audit Committee; Nomination and Remuneration Committee, etc. She was the Chairperson- 2 years PDGM Program and core coordinator for the coveted AACSB accreditation at IMT Ghaziabad. She started her career as an advocate in the Punjab and Haryana High Court and Supreme Court of India before joining academics. Dr. Aggarwal is Bachelor of Science, Law Graduate, Master’s in Law, and PhD (Patents Law) from Law Department, Punjab University, Chandigarh.

Dr. Aggarwal research domains are predominately in the area of Corporate laws, Corporate governance, Cybercrimes, Labour Laws and Intellectual Property Rights with number of reputed publications to her credit, including books, international research publications, book chapters, book reviews and case studies. Dr. Aggarwal has presented her research work in national and international conferences in India and abroad including USA, Japan, UK, Hong Kong, UAE and Italy. She has been a visiting professor at various IIM’s and reputed institutes abroad like Toulouse Business School, France and S.P Jain Dubai. She has designed and delivered numerous executive training programmes both as a facilitator and Program Director for In-company and Open Company.

Mr. Vibhu Agarwal is a Commerce Graduate from St. John’s College, University of Agra and holds a post graduate degree in Business Administration (Marketing) from K J Somaiya Institute of Management Studies & Research, Mumbai. Mr. Agarwal is currently Managing Partner of MZ India Pvt Limited, Mumbai.

Mr. Agarwal is a Financial Communication professional with experience of over 12 years and has been associated in past with various corporate houses such as ICICI Bank, Morgan Stanley & Lanco Infratech in India.

Vibhu Agarwal
Independent Director
Mahendra Parekh
Independent Director

Mr. Parekh is a qualified Chartered Accountant and Company Secretary. He has over 35 years of experience in the field of Finance, Taxation, Secretarial, Corporate Governance and Insurance matters.

Currently, he is advising various corporate on Secretarial and Securities Laws, Financial restructuring, fund raising, cost control measures, taxation related issues, insurance matters etc.

Prior to consulting, he was associated with large corporate houses including Aditya Birla Chemicals (India) Ltd, Jaiprakash Associates Ltd, Jokai India Ltd, Assambrook Ltd and U.S. Lines (A US based shipping Company).

Mr.Salil Datar
Chief Executive officer

Mr Salil Datar has over two decades of industry experience with leadership roles across Banking, Finance, Marketing & Sales, Cross Selling, Operations etc.

He has a proven track record in leadership roles with leading private sector Banks, Corporates and MNCs executing business plans for startup initiatives, leading large business teams, backing business plan with execution through robust sales processes, leading cross functional teams.

He has successfully launched 100+ bank branches across the country and will use his key strengths at Essel Finance Forex for building and scaling up the business, managing organizational change, design and implementation of enterprise wide strategy with supporting structure and systems.

Previously he has worked with ANZ Grindlays, HSBC, ICICI Bank, Dhanalaxmi Bank. His last role was with SVC Bank where he was Head of Retail Banking and responsible for the entire retail business across 194 branches.

With over 33 years of experience, Mr. Ramachandran is currently responsible for financial management of the company. Prior to joining Essel Finance VKC Forex Mr. Ramachandran was working with Ramco Systems Ltd. as Chief Financial Officer – Legal and in PPS Enviro Power Ltd. as Chief Financial Officer – Advisory.

He holds a bachelors degree in Commerce from University of Madras and is an associate Member of Institute of Charted Accountants of India.

Mr. Ramachandran K Chief Financial Officer
R Venkatasubramanian Advisor

Mr. R. Venkatasubramanian is an Ex-Officer from State Bank of India, India's premier Bank. He has over three decades of experience in the banking sector and has varied experience in areas of Foreign Exchange, Credit and Advances and Corporate Banking. He is the promoter director of the VKC Group and is currently the advisor to the company.

Mr Premnath is head of Internal Audit & Compliance. He has over 29 years’ experience in Foreign Exchange Industry. Prior to joining Essel VKC, he was working with India Cements Limited as a Vice President. He was also associated with Thomas Cook, Synergy Financial Exchange, Twenty First Century Management Services, Suhail & Saud Bahwan Group –Muscat.

Mr Premnath holds a PGDBA from Loyola College, Chennai with graduation in commerce, he has also completed Inter ACS.

Mr. K P Premnath
Vice President Compliance & Internal Audit
Mr.N.Nageswaran Consultant

Mr Nageswaran has over two decades of specialized experience in the area of Foreign Exchange. Mr Nageswaran is an Ex-Officer from the State Bank of India and was serving in Senior Management cadre, he is currently the consultant to the company.

Service Offered
  • Foreign Currency
    • Essel Finance VKC Forex Sell and buy all major foreign currencies to and from customers as per the regulations prescribed by Reserve Bank of India. Essel Finance VKC Forex offers Foreign Exchange services for Leisure visit, Business visit, Education, Immigration, Medical Treatment etc. at highly competitive rates.

      Essel Finance VKC Forex undertakes Bulk Purchase / Sales of foreign currencies from/to Authorised Dealers, FFMC's and Franchisees. We also undertake export and import of foreign currencies to/ from various countries around the world.

  • Travellers Cheques
    • Essel Finance VKC Forex is one of the Stockists / Sellers of American Express Travellers Cheques in India. Essel Finance VKC Forex was among the regular recipient of American Express Summit Award which is given in recognition towards outstanding sale of American Express Travellers Cheques. You can purchase and encash your Travellers Cheques on return at any of our branches nearest to you.
      Some of the Key features of availing Travellers Cheques are as follows:
      • Refunded usually within 24 hours if lost or stolen
      • 24 hours a day, 7 days a week customer support
      • Accepted at thousands of locations worldwide
      • Never expire
      • Offered in variety of currencies and denominations to help meet your travel fund needs
      • ** Terms, conditions and restrictions apply.
        ** Identification and proof of purchase required.
      Customer Usage Guidelines:
      • Sign each Travellers Cheque immediately upon receipt at the place marked “ Signature of the Holder”
      • Always keep the Sales Receipt(PAF) separately from the Travellers Cheques
      • While you encash the Travellers Cheques countersign at the bottom left corner place.
      • Contact local police to lodge FIR for lost TC's within 24 hours.
      • Contact the call center and inform them within 24 hours using toll free number given at the back PAF(Purchase Agreement Form)
  • Prepaid Forex Travel Cards
    • Essel Finance VKC Forex has tied up with HDFC Bank, Axis Bank and ICICI Bank for their Prepaid Travel Card solution. Essel Finance VKC Forex has a white labelled card with ICICI bank and has been co-branded along with Axis Bank and HDFC bank. These cards are available in various major currencies like US Dollar, Euro, British Pound, Australian Dollar, Swiss Franc etc.,

      You can contact our branch representative nearest to know more about the product and purchase the same.

      Summary of advantages of carrying Prepaid Forex Travel Card is as follows:
      • Accepted at over 20 million Visa / Master Card Merchant Outlets worldwide
      • 24-hour access to cash at over 10,00,000 ATM's anywhere in the World
      • Enhanced security through 4 -digit secure PIN to authorize all ATM transactions
      • Unlimited transactions possible (subject to the balance)
      • Re loadable any time
      • Available in different currencies
      • Add on card facility available
      • Ease of tracking with online statements access
      • Easy Encashment process
      • **Subject to Documentation and funds clearance
  • Remittance
    • As an RBI Authorised Dealer (AD – Cat II), Essel Finance VKC Forex can undertake the following activities subject to RBI limits and regulations:
      • Private Visits
      • Business Travel
      • Overseas Education.
      • Medical Treatment abroad.
      • Remittance under educational tie up arrangements with universities abroad.
      • Visa fees.
      • Remittance by tour operators / travel agents to overseas agents / principals/ hotels
      • Fee for participation in global conferences and specialized training.
      • Remittance for participation in international events/ competitions (towards training, sponsorship and prize money)
      • Film Shooting
      • Disbursement of crew wages (Cash to Master).
      • Remittance towards fees for examinations held in India and abroad and additional score sheets for GRE, TOEFL etc.
      • Employment and processing, assessment fees for overseas job applications.
      • Emigration and Emigration Consultancy fees.
      • Skills / Credential assessment fees for intending migrants.
      • Processing fees for registration of documents as required by other Governments.
      • Registration / Subscription / Membership fees to International organizations.
      • Cash to Master
  • Facilitation Services
    • Inward Remittances

      Essel Finance Essel Finance VKC Forex is associated with Western Union & Money Gram for Inward Money Transfer Service to India to its customers. Western Union and MoneyGram are global leaders in worldwide money transfer services which makes it a safe way to send money to India.

      Inward Money Transfer to India is a fast, simple and convenient method to transfer money from anywhere in the world. In India, a person can only receive money through this Inward Money Transfer service. This service operates as per the guidelines issued by Reserve Bank of India.

  • Travel Insurance
    • Essel Finance VKC Forex facilitates Overseas Travel insurance for customers who are in need of short-term / extended period insurance specifically against travel-related emergencies and exigencies.

      Some of the advantages of Availing Overseas Travel Insurance
      • Medical expenses covered outside the home country
      • Loss of checked baggage
      • Loss of passport
      • Trip cancellation / Trip delay
      • Emergency cash Advance during exigencies
      • Personal Liability
FAQ’s – Forex Related as prescribed by Reserve Bank of India
1. Who is an Authorized Dealer?

An Authorised Dealer is any person specifically authorized by the Reserve Bank under Section 10(1) of FEMA, 1999, to deal in foreign exchange or foreign securities (the list of ADs is available on www.rbi.org.in).

2. Who are authorized by the Reserve Bank to sell foreign exchange for travel purposes?

Foreign exchange can be purchased from any authorised person, such as Authorised Dealer (AD) Category-I bank and AD Category II. Full-Fledged Money Changers (FFMCs) are also permitted to release exchange for business and private visits.

3. What is the Liberalised Remittance Scheme (LRS) of USD 2,50,000 ?

Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both. Further, resident individuals can avail of foreign exchange facility for the purposes mentioned in Para 1 of Schedule III of FEM (CAT) Amendment Rules 2015, within the limit of USD 2,50,000 only. If an individual remits any amount under LRS in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted. In case of remitter being a minor, the LRS declaration form must be countersigned by the minor’s natural guardian.

4. What are the prohibited items under the Scheme?

The remittance facility under the Scheme is not available for the following:

a)Remittance for any purpose specifically prohibited under Schedule-I (like purchase of lottery tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000.

b)Remittance from India for margins or margin calls to overseas exchanges / overseas counterparty.

c)Remittances for purchase of FCCBs issued by Indian companies in the overseas secondary market.

d)Remittance for trading in foreign exchange abroad.

e)Capital account remittances, directly or indirectly to countries identified by the Financial Action Task Force (FATF) as “non- cooperative countries and territories”, from time to time.

f)Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.

6. Can remittances under the LRS facility be consolidated in respect of family members?

Remittances under the facility can be consolidated in respect of close family members subject to the individual family members complying with the terms and conditions of the Scheme. However, clubbing is not permitted by other family members for capital account transactions such as opening a bank account/investment/purchase of property, if they are not the co-owners/co-partners of the investment/property/overseas bank account.

7. Can an individual, who has availed of a loan abroad while as a non-resident Indian repay the same on return to India, under this Scheme as a resident?

Yes, this is permissible.

8. Is it mandatory for resident individuals to have PAN number for sending outward remittances under the Scheme?

Yes, it is mandatory to have PAN number to make remittances under the Scheme. However, PAN card need not be insisted upon for remittance made towards permissible current account transactions up to USD 25,000.

9. Are there any restrictions on the frequency of the remittance?

There are no restrictions on the frequency of remittances under LRS. However, the total amount of foreign exchange purchased from or remitted through, all sources in India during a financial year should be within the cumulative limit of USD 2,50,000. Once a remittance is made for an amount up to USD 2,50,000 during the financial year, a resident individual would not be eligible to make any further remittances under this scheme, even if the proceeds of the investments have been brought back into the country.

10. How much foreign exchange can one buy when traveling abroad on private visits to a country outside India?

For private visits abroad, other than to Nepal and Bhutan, any resident can obtain foreign exchange up to an aggregate amount of USD 2,50,000, from an Authorised Dealer or FFMC, in any one financial year, irrespective of the number of visits undertaken during the year. This limit has been subsumed under the Liberalised Remittance Scheme w.e.f. May 26, 2015. If an individual has already remitted any amount under the Liberalised Remittance Scheme in a financial year, then the applicable limit for travelling purpose for such individual would be reduced from USD 250,000 by the amount so remitted.

The resident individuals shall have to fill Form A2 and ‘Application cum declaration for purchase of foreign exchange under LRS of USD 250,000’ while availing foreign exchange for travelling purposes from AD banks and FFMCs.

No foreign exchange is available for visit to Nepal and/or Bhutan for any purpose. A resident Indian is allowed to take INR of denomination of Rs.100 or lesser denomination, to Nepal and Bhutan, without any limits. For denominations of Rs 500 and Rs1,000, the limit is Rs 25,000.

Further, all tour related expenses including cost of rail/road/water transportation charges outside India and remittances relating towards cost of Euro Rail; passes/tickets, etc. for Indian travellers, and overseas hotel/flight charges have been subsumed under the new enhanced limit of USD 250,000. The tour operator can collect this amount either in INR or in FCY.

11. How much foreign exchange can a resident send as gift / donation to a person resident outside India?

Any resident individual/ entity (trust; company; partnership firm, etc.), may remit up-to USD 2,50,000 in one financial year as gift to a person residing outside India or as donation to an organization outside India. Remittances exceeding the limit of USD 2,50,000 will require prior permission from the Reserve Bank. It is clarified that a resident cannot gift to another resident, in foreign currency, for the credit of the latter’s foreign currency account held abroad under LRS.

Further, general permission is available to persons other than individuals’ to remit towards donations up-to one per cent of their foreign exchange earnings during the previous three financial years or USD 5,000,000, whichever is less, for (a) creation of Chairs in reputed educational institutes, (b) contribution to funds (not being an investment fund) promoted by educational institutes; and (c) contribution to a technical institution or body or association in the field of activity of the donor Company. Any additional remittance in excess of the same shall require prior approval of the Reserve Bank of India.

12. How much foreign exchange is available to a person going abroad on employment?

A person going abroad for employment can draw foreign exchange up to USD 2,50,000 per financial year from any Authorised Dealer in India on the basis of self-declaration in Form A2 and ‘Application cum declaration for purchase of foreign exchange under LRS of USD 250,000’. This limit has been subsumed under the Liberalised Remittance Scheme w.e.f. May 26, 2015. If an individual remits any amount under the Liberalised Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted.

13. How much foreign exchange is available to a person going abroad on emigration?

A person going abroad on emigration can draw foreign exchange from AD Category I bank and AD Category II up to the amount prescribed by the country of emigration or USD 250,000. This amount is only to meet the incidental expenses in the country of emigration. Further, this remittance is not for undertaking any capital account transactions such as overseas investment in government bonds; land; commercial enterprise; etc. No amount of foreign exchange can be remitted outside India to become eligible or for earning points or credits for immigration.

14. How much foreign exchange can a person resident in India remit towards maintenance of close relatives abroad?

A person resident in India can remit up-to USD 250,000 per financial year towards maintenance of close relative (‘relative’ as defined in section 6 of the Companies Act, 1956) abroad. . This limit has been subsumed under the Liberalised Remittance Scheme w.e.f. May 26, 2015. If an individual remits any amount under the Liberalised Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted.

15. How much foreign exchange is available for a business trip?

For business trips to foreign countries, resident individuals/ individuals having proprietorship firms can avail of foreign exchange up to USD 2,50,000 in a financial year irrespective of the number of visits undertaken during the year. This limit has been subsumed under the Liberalised Remittance Scheme w.e.f. May 26, 2015.

Visits in connection with attending of an international conference, seminar, specialised training, apprentice training, etc., are treated as business visits. Release of foreign exchange exceeding USD 2,50,000 for business travel abroad, irrespective of the period of stay, by residents require prior permission from the Reserve Bank.

However, if an employee is being deputed by a company and the expenses are borne by the company, then such expenses shall be treated as residual current account transactions and may be permitted by the AD bank, without any limit, subject to verifying the bonafides of the transaction.

16. How much foreign exchange can be drawn for medical treatment abroad?

AD Category I banks and AD Category II, may release foreign exchange up to USD 2,50,000 or its equivalent to resident Indians for medical treatment abroad on self-declaration basis in Form A2 and ‘Application cum declaration for purchase of foreign exchange under LRS of USD 250,000’, without insisting on any estimate from a hospital/doctor in India/abroad. However, a person visiting abroad for medical treatment can obtain foreign exchange from AD banks exceeding the above limit, provided the request is supported by an estimate from a hospital/doctor in India/abroad.

In addition to the above, an amount up to USD 250,000 per FY is allowed to a person for accompanying as attendant to a patient going abroad for medical treatment/check-up.

17. How much foreign currency can be carried in cash for travel abroad?

Travellers going to all countries other than (a) and (b) below are allowed to purchase foreign currency notes / coins only up to USD 3000 per visit. Balance amount can be carried in the form of travellers cheque or banker’s draft. Exceptions to this are (a) travellers proceeding to Iraq and Libya who can draw foreign exchange in the form of foreign currency notes and coins not exceeding USD 5000 or its equivalent per visit; (b) travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States who can draw entire foreign exchange (up-to USD 250, 000) in the form of foreign currency notes or coins.

For travellers proceeding for Haj/ Umrah pilgrimage, full amount of BTQ entitlement (USD 250, 000) in cash or up to the cash limit as specified by the Haj Committee of India, may be released by the ADs and FFMCs.

18. How much Indian currency can be brought in while coming into India?

A resident of India, who has gone out of India on a temporary visit may bring into India at the time of his return from any place outside India (other than Nepal and Bhutan), currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000. A person may bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India notes, in denomination not exceeding Rs.100. Any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveller coming from and going to Pakistan and Bangladesh, and visiting India may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 while entering only through an airport.

Any person resident in India who had gone to Pakistan and/or Bangladesh on a temporary visit, may bring into India at the time of his return, currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 10,000 per person.

19. How much foreign exchange can be brought in while visiting India?

A person coming into India from abroad can bring with him foreign exchange without any limit. However, if the aggregate value of the foreign exchange in the form of currency notes, bank notes or travellers cheques brought in exceeds USD 10,000 or its equivalent and/or the value of foreign currency alone exceeds USD 5,000 or its equivalent, it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.

20. How many days in advance one can buy foreign exchange for travel abroad?

Permissible foreign exchange can be drawn 60 days in advance. In case it is not possible to use the foreign exchange within the period of 60 days, it should be immediately surrendered to an authorised person. However, residents are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.

21. Can one pay by cash full rupee equivalent of foreign exchange being purchased for travel abroad?

Foreign exchange for travel abroad can be purchased from an authorized person against rupee payment in cash below Rs.50,000/-. However, if the sale of foreign exchange is for the amount equivalent to Rs 50,000/- and above, the entire payment should be made by way of a crossed cheque/ banker’s cheque/ pay order/ demand draft/ debit card / credit card / prepaid card only.

22. Is there any time-frame for a traveller who has returned to India to surrender foreign exchange?

On return from a foreign trip, travellers are required to surrender unspent foreign exchange held in the form of currency notes and travellers cheques within 180 days of return. However, they are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.

23. Should foreign coins be surrendered to an Authorised Dealer on return from abroad?

The residents can hold foreign coins without any limit.

24. Is there any category of visit which requires prior approval from the Reserve Bank or the Government of India?

Dance troupes, artistes, etc., who wish to undertake cultural tours abroad, should obtain prior approval from the Ministry of Human Resources Development (Department of Education and Culture), Government of India, New Delhi.

The Standard Terms set out herein shall, if the Foreign Exchange Transaction Agreement so provides, be applicable to the Customer. If there is any inconsistency between the Terms and the Foreign Exchange Transaction Agreement, the Foreign Exchange Transaction Agreement will prevail.
"Agreement" means Foreign Exchange Transaction Agreement (including but not limited to duly accepted the proposal letters, commercial terms of offer to sell & purchase of foreign currency , Prepaid Forex Cards, Foreign Currencies and Traveler Cheques agreed by the customer and Essel VKC) the Annexures and addendum / extension / renewal, if any, collectively known as Agreement.

“ Customer ” means the person(s) named in the Foreign Exchange Transaction Agreement and shall, unless it be repugnant to the subject or as the context may permit or require, include its successors and permitted assi gns .

“ Customer Information” means a ny and all information or data that is provided by, through or on behalf of Customer or any Affiliate to any Essel VKC Personnel, or is otherwise acquired by any Essel VKC Personnel in the course of performing Services under this Ag reement that relates to any: (i) current, prospective or former customer (whether an individual, business entity, governmental unit, or otherwise) of Customer or any Affiliate,

“ Forex Services’, shall mean services relating to buying and selling foreign e xchange by means of including, but not limited to Prepaid Forex Cards, Foreign Currencies and Traveler Cheques provided by Essel VKC , hereinafter called as the Services.

“ Governmental Authority ” shall mean any international, national, provincial, municipal, loc al, territorial or other governmental department, regulatory authority, self - governing agencies, judicial or administrative body, domestic, international or foreign

“Intellectual Property Rights” means all patents (including originals, divisional , continu ations, continuations - in - part, extensions, foreign applications, utility models and re - issues), patent applications, designs (including all registrations and applications therefore), copyrights (including all registrations and applications therefore), trad e secrets, service marks, trademarks, trade names, trade dress, trademark applications and other proprietary and intellectual property rights (whether or not any of these is registered and including applications for registration of any such thing) , includin g moral rights and all rights or forms of protection of a similar nature or having equivalent or similar effect to any of these which may subsist anywhere in the world .

"Law(s)" shall mean any declaration, decree, directive, legislative enactment, order, ordinance, regulation, rule or other binding requirement of or by any Governmental Authority.

“RBI” means Reserve Bank of India.

Terms shall mean these terms and condition and/or the terms and conditions posted on the Essel VKC website from time to time

“ Essel VKC ” refers Essel Finance VKC Forex Limited, a company duly incorporated under the Companies Act, 1956 as amended from time to time and registered with Reserve Bank of India as an Authorised Dealer Cat.II and having its registered office at Jeyam Kondar Apartments , No.40/12, Murray ’ s Gate Road, Alwarpet, Chennai - 60018, which expression shall, unless it be repugnant to the context and meaning thereof, be deemed to mean and include its successors and assigns.

“ Essel VKC Personnel” means Essel VKC and each of its employees, along with any subcontractors or agent s of Essel VKC.
Services. Essel VKC shall provide and perform: (a) the services, functions and responsibilities described in this Agreement (including without limitation all exhibits and Statement(s) of Work), as may be amended and supplemented from time to time; and (b) any services, functions or responsibilities not specifically described in the above clause but that are inherent in or necessary for the proper provision and performance of such services, functions and responsibilities. The services, functions and responsibilities described in this Agreement are referred to collectively as the “Services”.
Each Party shall take necessary measures and precautions to safeguard all Confidential Information in their possession and to prevent unauthorized disclosure thereof by any of its employees, agents, or representatives. All confidential and proprietary information of a Party (including the Proprietary Data) [“Confidential Information”] hereto that is made known to the other Party during the term of this Agreement, shall be received in confidence and the receiving Party shall not disclose or use the same for any purpose, except for complying with its obligations under this Agreement or required to be disclosed by Law or by order of a court, or by any governmental agency/authority/regulatory body. In particular, such Confidential Information shall not be used for the benefit, financial or otherwise by any Party, its employees, without prior written approval from the disclosing Party. However, such obligation shall not cover Confidential Information

a. which are already known to, or in the possession of the either party prior to receipt of such information;

b. which are legally received by the either party from a third party without any confidentialit y obligation;

c. which are in the public domain or enter the public domain through no wrongful act of either party;

d. which can be proven by the either party to have been developed independently having no access to other party’s Confidential Information.

e. already known to the public at the time of disclosure

Neither Party shall be liable for disclosure of Confidential Information if disclosure was required by law, rule or regulation including RBI or other regulatory authorities or was in response to a valid or der of a court or authorized agency of government or other legal process, Upon expiry / termination of this Agreement or on a demand from the disclosing Party, the receiving Party shall promptly return to the disclosing Party, all correspondence, document s and all materials or items belonging to such Party.

The Parties shall, and shall cause their respective employees to, hold all Confidential Information in the strictest of confidence at all times, making no use thereof other than in connection with the performance of their obligations under this Agreement. Neither Party shall, without the prior written approval of the other Party: (i) release any Confidential Information to any third party other than its employees who need access to such Confidential Inf ormation in order to perform their obligations under this Agreement; or (ii) duplicate or otherwise reproduce any Confidential Information except as required in connection with the performance of their obligations under this Agreement. The Parties shall en sure that their employees are made aware, prior to the disclosure of such Confidential Information, of the confidential nature thereof and that they owe a duty of confidentiality to the Party disclosing Confidential Information.

In the event that any of t he Parties hereto becomes legally compelled to disclose any Confidential Information, such Party shall give sufficient notice to the other Party to enable the other Party to prevent or minimize to the extent possible, such disclosure. The Party which recei ved the Confidential Information will fully co - operate with disclosing Party in connection with its efforts to obtain any such order or other remedy. If any such legal requirement does not allow giving the notice referred to above, the Party receiving the Confidential Information will make such disclosure only to the extent that such disclosure is legally required and will use its best efforts to have confidential treatment accorded to the disclosed Confidential Information.

The obligation to maintain conf identiality of the Confidential Information shall survive the expiry or termination of this Agreement.
a) Each party shall own all intellectual property rights in respect of its respective websites and other services, including any literature, manuals, reports, research papers, data, flow charts, drawings, designs, diagrams, tables, software, source code or object code or other information or materials in whatever form and on whatever media stored or held, acquired, created, developed, designed or otherwise prepared by the respective party and any related patents, trademarks and service marks, Party’s name, logo, trade names, database rights, registered designs, utility models or applications for any of the foregoing. Design rights, copyrights and all or any similar or equivalent rights arising or subsisting in any country in the world shall be owned by such party and all or any part thereof shall belong to such party absolutely.

b) Neither party shall use or infringe on the other’s IPRs at any point of time except as otherwise provided herein. Both the parties further undertake to help each other on a best effort basis in case of infringement by a third party of either party’s IPRs.
The Partie s hereto represent and warrant to each other that:

a. Each of the Parties is duly formed and validly existing under the respective laws that they are subject to with full power and authority to conduct the business as contemplated in this Agreement.

b. Each Pa rty has full power, capacity and authority to execute, deliver and perform this Agreement and has taken all necessary action (corporate, statutory or otherwise) to authorize the execution, delivery and performance of this Agreement.

c. This Agreement and any other agreement executed in connection herewith, if any, have been duly executed and delivered by each Party and constitute legal, valid and binding obligations of such Party, enforceable against the other Party in accordance with the terms of this Agreem ent .

d. Each of the representations and warranties set out above are and shall remain true and accurate in all respects at the execution hereof in respect of each Party and that all documents provided to the Parties by each such other Party as required by th is Agreement or otherwise, are true and accurate in all respects and fully, and accurately disclose every matter to which they relate.

e. Each of the representations and warranties, given above is without prejudice to any other warranty or undertaking and ex cept where expressly stated no clause contained in the Agreement governs or limits the extent or application of any other clause in any other agreement.

f. All of the representations and warranties made under this Clause shall survive the execution and deliv ery of this Agreement and none of the Parties shall take action nor permit action to be taken which would cause any of such representations or warranties to be no longer true or correct in all respects.

g. Essel VKC represents and warrants that it has obtained all the authorizations, approvals, licenses to operate and provide foreign exchange services and to fulfill all its obligations under this agreement and it shall maintain the same during the tenure of this Agreement.

h. Any claims arising out of non - compliance of any legislation in force relating to foreign exchange services provided under this Agreement would be the sole responsibility of Essel VKC and Customer will be in no way held responsible for any such claims arising thereof.

i. The employees of Essel VKC shall continue to be the employees of Essel VKC and work under its directions and shall not become or claim any employment from Customer virtue of providing the Services, irrespective of the location of their work.
As per Anti Money Laundering (AML) Guidelines of the Reserve bank of India the Customer shall provide such information and / or documents as the Essel VKC may from time to time reasonably request for the purpose of the providing services along with the following as one time documents to the “ Essel VKC ”

. Memorandum & Articles of Association.

. Address Proof (Tel bill copy / Corp tax payment, if any).

. Detailed list of staff who would be Authorised to place request for foreign exchange to be furnished.

. Copy of Company Pan Card.

. List of officials with names, designation and signatures authorised by the Managing Director//Chief Financial Officer of the company to conduct forex transactions on behalf the company.

.KYC Form. And such other documents as notified by the RBI from time to time.
a. Essel VKC shall ensure that it’s personnel, employees, representatives and agents engaged in the performance of the Services under this Agreement shall not to influence, directly or indirectly, any officer, agent, representative of Customer to obtain any favourable business decision, Policy on prevention of Insider Trading and such other corporate governance policies as adopted by it from time to time.
a. Customer shall provide such information/documents as notified by the Reserve Bank of India (RBI) notified Anti Money Laundering guidelines, Know Your Customer Policy and Foreign Exchange Management Act (FEMA) prevailing from to time.

b. Customer (including its representatives) has not provided nor shall provide any gift, gratuity, service, or other inducement to any of the Essel VKC’s representatives involved in retaining the Services.

c. Customer shall ensure that the execution, delivery and performance of this Agreement by it in accordance with its terms shall not: - (a) violate or conflict with its organizational documents; or

(b) with or without the giving of notice or the passage of time or both, conflict with, result in the breach or termination of, or constitute a default under, any agreement or arrangement to which it is a party or by which it or any of its properties or assets may be bound; or

(c) constitute violation of any law, regulation, order, writ, judgment, injunction or decree applicable to it or any of its properties or assets, or violate any license, permit, authorization, agreement, undertaking or other obligation to which it is bound.
Notwithstanding anything contained in the Foreign Exchange Transaction Agreement or in other document:

Under no circumstances shall Essel VKC’s total cumulative liability under this agreement (regardless of whether those claims arise out of a single event or a number of different events, exceed the aggregate amount paid to Essel VKC for services hereunder in the immediately preceding month to the month in which the claim or action arose .
Without prejudice to the other provisions of this Agreement and/or any other rights of the Parties, each Party to this Agreement (“Indemnifying Party”) shall indemnify and keep indemnified the other Party (“Indemnified Party”) including the Indemnified Party's directors, employees and agents from and against any and all actions, suits, claims, proceedings, costs, damages, judgements , amounts paid in settlement and expenses (including reasonable attorneys fees) (collectively “Loss”) rel ating to or arising out of non – performance, and/or any breach of the representations, warranties, terms, undertakings or covenants under this Agreement by the Indemnifying Party.

Notwithstanding anything to the contrary elsewhere contained in this or any other contract between the parties, neither party shall, in any event, be liable for any indirect or speculative or consequential or penal damages, including but not limited to, any loss of use and loss of income or profits, irrespective of whether it had an advance notice of the possibility of any such damages.
a. If any dispute arises between any of the Parties during the subsistence of this Agreement or thereafter, in connection with the validity, interpretation, implementation or alleged breach of any provision of this Agreement or regarding a question, including the question as to whether the termination of this Agreement by any Party hereto has been legitimate (“Dispute”), the disputing Parties hereto shall endeavor to settle such Dispute amicably. The attempt to bring about an amicable settlement shall be considered to have failed if not resolved within 60 days from the date of the Dispute.

b. If the disputing Parties are unable to amicably settle the Dispute in accordance as per above Clause 1 within the period specified therein, any disputing Party shall be entitled to serve a notice invoking this Clause and making a reference to a panel of three (3) arbitrators. For this purpose, each disputing Party shall appoint one arbitrator each and the arbitrators so appointed shall appoint another arbitrator who shall be the presiding arbitrator. The Arbitration proceedings shall be held in accordance with the Arbitration and Conciliation Act, 1996.

c. The place of the arbitration shall be place of business . The proceedings of arbitration shall be in the English language.

d. The Arbitrator’s award shall be substantiated in writing. Each Party to the Dispute shall bear its own costs, in relation to the arbitration proceedings and the Parties shall equally share the costs of arbitration.

e. Subject to Clause 2 of this Settlement of Disputes Clause hereinabove, the Courts of Chennai alone shall have jurisdiction in all matters arising out of the arbitration proceedings or this Agreement.
This Agreement shall be governed by and construed in accordance with the Law of India and Chennai Courts shall have exclusive jurisdiction.
No Party shall be liable to the other, nor be in default if, and to the extent, that the performance or delay in performance of any of its obligations under this Agreement is prevented, restricted, delayed or interfered with due to circumstances beyond the reasonable control of such Party, including but not limited to, Government legislations, fires, floods, explosions, epidemics, diseases, accidents, acts of God, threat of wars, riots, strikes, lockouts, or other concerted acts of workmen, acts of Government, and/or industrial emergency. The Party claiming an event of force majeure shall promptly notify the other Parties in writing, and provide full particulars of the cause or event and the date of first occurrence thereof, as soon as possible after the event and also keep the other Parties informed of any further developments. The Party so affected shall use its best efforts to remove the cause of non-performance, and the Parties shall resume performance hereunder with the utmost dispatch when such cause is removed.
Waiver by either Party of any default by the other Party shall not be deemed a waiver of any other default. No waiver of rights hereunder shall be effective unless in writing and signed by or on behalf of the Party granting the waiver.
Essel VKC and Customer are independent contractors and this Agreement shall not establish any service arrangement, relationship of partnership, joint venture, employment, franchise or agency between Essel VKC and Customer . Neither Party shall have the power to bind the other Party or incur obligations on the other Party’s behalf without such other Party’s prior written consent, except as otherwise expressly provided herein.
This Agreement and the rights and liabilities hereunder shall bind and inure to the benefit of the respective successors of the Parties hereto, but no Party hereto shall assign or transfer any of its rights and liabilities hereunder to any other person (except for affiliates) without the prior written consent of the other Party.
Either Party may terminate the Foreign Exchange Transaction Agreement by providing one (1) months prior written notice.
If any provision of this Agreement or the application thereof to any person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Agreement and the app lication of such provision to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. Any invalid or unenforceable provision of this Agreement shall be replaced with a provision, which is valid and enforceable and most nearly reflects the original intent of the unenforceable provision.
This Agreement, including all documents incorporated herein by reference, constitutes the complete and exclusive agreement between the Parties with respect to the subject matter hereof, and supersedes and replaces any and all prior or contemporaneous discussions, negotiations, understandings and Agreements, written and oral, regarding such subject matter. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together shall constitute one and the same instrument.
This Agreement may not be altered, modified or amended unless such alteration, modification or amendment is evidenced in writing and signed by the Parties.
The persons signing this Agreement on behalf of the Parties represent and covenant that they have the authority to so sign and execute this document on behalf of the Parties for whom they are signing.
This Agreement shall be a non-exclusive agreement between the parties. Either party shall be entitled to enter in to similar kind of arrangements with third parties.
All notices required or permitted under this Agreement shall be in writing and shall be delivered personally, sent by registered post or sent by facsimile transmission and promptly confirmed by registered post to the addresses as follows:

Jeyam Kondar Apartments
Unit 2A, Second Floor,No,40/12
Murray’s Gate Road
(Opp Udhi Eye Hospital)
Alwarpet, Chennai-600018

Any such notice shall be deemed given when so delivered personally. If the not ice is sent by facsimile, then it will be deemed given upon completion of transmission, unless it is transmitted after 4pm or not on a Business Day, in which case, it will be deemed given on the next business day. In matters of urgency, email notification shall suffice, when followed up by written notice.
Sr. No Caption View
1 Master Direction - Money Changing Activities view
2 Master Direction - KYC 2016 view
3 Master Direction on Misc Remittances. Facilities available for Residents view
4 Withdrawal of Legal Tender Rs.500 and Rs.1000 view
5 Master Direction - Liberalised Remittance Scheme (LRS) view
6 Removal of Limits for Cash Withdrawal in Savings A/c view
7 Master Direction on MTSS view
8 Master Direction Money Changing Activities update 22022017 view
9 Master Direction Memorandum of Instructions governing Money Changing Activties view
10 RBI Circular on EC of US$ 3 K from Foreigners & NRIs and US$ 1 K from Indians view