Going Abroad ?

Going abroad ? Not sure  how much forex (foreign exchange) you can carry? Help is here!

Going Abroad?
Going Abroad?

Bookmark this post for queries related to Forex:

  • Foreign exchange can be purchased from any authorised dealer. Full-fledged money changers are also permitted to release exchange for business and private visits.
  • Foreign exchange up to US$25,000 for a business trip to any country other than Nepal and Bhutan.

  • Visits in connection with attending of an international conference, seminar, specialized training, study tour, apprentice training,Visit abroad for medical treatment and/or checkup  fall under business visits.

  •  A person visiting abroad for medical treatment can also obtain foreign exchange upto the amount recommended by the doctor or hospital abroad for his treatment. This exchange is to meet the expenses involved in treatment and in addition to the USD 25,000.

  • Release of foreign exchange for studies abroad up to the estimate given by an institution abroad or US$30,000 per academic year, whichever is higher, does not require prior permission from the Reserve Bank.

  • For tourism purposes, foreign exchange up to US $10,000, in any one calendar year may be obtained from an authorized dealer.

  • No foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.
  • Person going abroad for employment can draw foreign exchange upto US $5,000 from any authorised dealer in India.

  • Person going abroad for immigration can draw foreign exchange upto US$ 5,000 or the amount prescribed by the country of emigration from an authorized dealer in India.

  • Dance troupes, artistes, etc., who wish to undertake cultural tours abroad, should obtain prior approval from the Ministry of Human Resources Development, Government of India, New Delhi.

  • Travelers are allowed to purchase foreign currency notes/coins only up to US$ 2000. Balance amount can be taken in the form of traveler’s cheque or banker’s draft.

  • Travelers proceeding to Iraq and Libya can draw foreign exchange in the form of foreign currency notes and coins not exceeding US$ 5000 or its equivalent.

  • Travelers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States can draw entire foreign exchange released in form of foreign currency notes or coins.

  • For the purpose of studies abroad, exchange for maintenance expenses is released in the form of (i) currency notes up to US$ 2,000, (ii) the balance foreign exchange may be taken in form of  TCs or bank draft payable overseas.

  • The foreign exchange acquired for any purpose has to be used within 60 days of purchase. In case, it is not possible to use the foreign exchange within the period of 60 days it should be surrendered to an authorised dealer.

  • Foreign exchange for travel abroad can be purchased from banks 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.

  • On return from a foreign trip , travelers are required to surrender unspent foreign exchange held in the form of currency notes within 90 days and travelers’ cheques within 180 days of return. However, they are free to retain foreign exchange upto US$2,000, in form of foreign currency notes or TCs for future use provided:

  • Any person resident in India can remit upto US $5,000 in any one year as a gift to a person residing outside India or as donation to a charitable/educational / religious /cultural organisation outside India.

  • Use of the International Credit Cards (ICCs) / ATMs / Debit Cards can be made for making personal payments like subscription to foreign journals, internet subscription, etc., and for travel abroad in connection with various purposes only to the extent of the limits specified above.

  • A person going out of India can take out with him Indian currency notes within the limits given below:

    a.      Upto Rs.5000 to any country other than Nepal or Bhutan, and

    b.     Any amount in denomination not exceeding Rs.100 to Nepal or Bhutan.

  • A person coming into India from abroad can bring with him foreign exchange without any limit provided if foreign currency notes, or travelers cheques exceed US$ 10,000/- or its equivalent and/or the value of foreign currency exceeds US$ 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.
  • Residents are free to carry abroad the foreign exchange purchased from an authorised dealer or money changer in accordance with the Rules. In addition, they can also carry up to US$ 2,000, if already held by them.

  • A person resident in India is free to send (export) any gift article of value not exceeding Rs. 1,00,000 provided export of that item is not prohibited under the extant EXIM Policy.

  • Taking personal jewellery out of India is governed by Baggage Rules framed under Export-Import Policy by the Government of India.

Recommended: http://www.oracleinvestor.com/banking/send-money-abroad/

Hope this helps you have a comfortable trip abroad!

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