NEW DELHI,(PTI):The 15% foreign exchange travel tax will be abolished from June 1, it was officially announced here on May 29. With the abolition of this tax, foreign exchange for those travelling abroad will be available at a cheaper rate.
The foreign exchange conservation (travel) tax was being levied on foreign exchange released for travel abroad since Oct. 15.1987.
The decision to abolish this tax has been taken following the introduction of partial convertibility of the Indian rupee and the liberalized exchange rate management System under which foreign exchange for travel has to be obtained at the market rate.
Article extracted from this publication >> June 12, 1992
