Miscellaneous - This Day That Age   

dated January 4, 1957: Foreign exchange

With a view to conserving foreign exchange, the Government have decided that the basic allowance of foreign exchange for purposes of travel abroad for pleasure or convenience should be stopped. A circular issued by the Reserve Bank states that with effect from January 1, 1957, there will not be any basic allowance of foreign exchange for the purpose of travel abroad for pleasure or personal convenience. People going out of India for educational, bona fide business and health reasons would be excluded from the purview of this order. Till now, anybody wishing to travel abroad could get a basic foreign exchange allowance of 750 pounds for two years without prior permission of the Reserve Bank by merely presenting the passport.

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