1. How much foreign exchange can one buy when travelling abroad on private visits ?
A person can buy foreign exchange up to USD10,000, in any one financial year from an authorized dealer on a self-declaration basis. However, foreign exchange is unavailable for visit to Nepal and/or Bhutan for any purpose.
2. How much exchange is available for a business trip?
A person can buy foreign exchange up to USD 25,000 for a business trip to any country other than Nepal and Bhutan. Visits in connection with attending an international conference, seminar, specialized training, study tour and apprentice training are treated as business visits.
3. While going abroad, how much Indian currency, in cash, can a person carry?
A person can carry Indian Currency not exceeding Rs. 7,500/ - outside India (other than to Nepal and Bhutan).
4. How much foreign exchange can be purchased in foreign currency notes while buying exchange for travel abroad?
Travellers are allowed to purchase foreign currency notes/coins only up to USD 2000. Balance amount can be taken in the form of travellers' cheque or banker’s draft. Exceptions to this are (a) Travellers proceeding to Iraq and Libya can draw foreign exchange in the form of foreign currency notes and coins not exceeding USD 5000 or its equivalent; (b) Travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States can draw entire foreign exchange in the form of foreign currency notes or coins.
5. How much in advance can one buy foreign exchange for travel abroad?
The foreign exchange acquired for any purpose has to be used within 180 days of purchase. In case, it is not possible to use the foreign exchange within the period of 180 days, it should be surrendered to an authorized person.
6. Can one pay cash equivalent to full rupee of foreign exchange for travel abroad ?
Foreign exchange for travel abroad can be purchased from authorized person against rupee payment in cash up to Rs.50,000/-. However, if the rupee equivalent exceeds Rs.50,000/-, the entire payment should be made by way of a crossed cheque/banker’s cheque/pay order/demand draft only.
7. Is one permitted to use International Credit Card (ICC) for undertaking foreign exchange transactions?
The entitlement of foreign exchange on International Credit Cards (ICCs) is limited by the credit limit fixed by the card issuing authority only.
8. Is there a time frame for a traveller who has returned to India for surrendering foreign exchange?
Travellers are required to surrender unused foreign exchange within 180 days of return from a foreign trip. However, they are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes or TC's for future use .
9. Is one required to surrender foreign coins also to an authorized dealer?
The residents can hold foreign coins without any limit.
10. While coming into India how much Indian currency can be brought in?
A person coming into India from abroad can bring in with him Indian currency notes within the limits given below:
a. Up to Rs. 7,500 from any country other than Nepal or Bhutan.
b. Any amount in denomination not exceeding Rs.100 from Nepal or Bhutan.
11. How much foreign exchange is permitted to be carried along while coming to 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 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.
For further details/guidance, please contact Kesari Forex