40K per head is a good enough amount to visit several places.
What's your preference?
Sri Lanka, Thailand, Nepal, Bhutan (surprisingly, if you fly to Bhutan, it will be the most expensive), Dubai are some places you could consider.
There are many destinations that you can choose but I would suggest Bali or Vietnam. The scene at these places on Christmas and new year is quite good. Also its quite cheap.
Sri Lanka, Bali and Mauritius should be doable within 40K. But I would recommend UAE as this a particularly festive time in Dubai and Abu Dhabi and there's a lot to see and enjoy.