Rest of the entitlement of exchange is released in the form of travellers cheques denominated in foreign currency. However, exchange in the currency notes to the extent of the full entitlement can be sold to the travellers proceeding to Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States. Exchange in currency notes is also released up to full entitlement for a period of two weeks for business visits to Libya and Iraq. To find out his entitlement of exchange for various purposes, the cardholder should contact any bank authorised to deal in foreign exchange in India. The unspent exchange held in the form of travellers cheques could be surrendered within six months.
Cardholders are free to settle their dues by making payment through any authorised dealer.
No, ICCs can be used only for those personal purposes for which release of exchange is permitted under the extant regulations. However, the eligible amount of exchange and documents required would be same as if the payment was being made through normal banking channel i.e. through an authorised dealer in India. Residents should not use ICC for purposes for which release of exchange is not admissible under the current exchange regulations. The physical import of the goods or services so paid for should be as per the extant EXIM policy and procedures. ICCs can be used for obtaining only such information or database from Internet for which release of exchange is permissible under the extant exchange control regulations.