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Need answers on Foreign Exchange

How much foreign exchange can I buy?

Holiday Trip:

For private visits abroad (other than to Nepal and Bhutan), for tourism purposes an Indian Resident can buy foreign exchange up to USD 2,50,000 (or equivalent in other foreign currencies) per financial year, on self-declaration basis.

Business Trip:

For business trips abroad sponsored by Companies registered under the Companies Act and Partnership firms (other than to Nepal and Bhutan), an amount of USD 25,000 per trip or its equivalent can be bought.

How much foreign exchange can I hold?

As per RBI regulations, in case of Resident Indians, unspent foreign exchange should be encashed within 180 days of return. An amount of up to USD 2,000 can be retained for future use.

In case of Foreigners and Non Resident Indians – visitors to India from abroad can bring foreign exchange without any limit. However, when bringing an aggregate value of the foreign exchange exceeding USD 10,000 or its equivalent and/or foreign currency notes exceeding 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.

 What is the amount of Foreign Currency Notes that can be purchased?

Reserve Bank of India regulations allows Resident Indian citizens to buy up to US Dollars 3,000 or its equivalent in currency notes per trip, subject to your foreign exchange entitlement. However, for travel to CIS, Russia and Iran, the entire foreign exchange requirement can be taken in the form of currency notes.

 What documents do I need to buy Foreign Currency Notes?

All that you need to buy your foreign exchange is your valid passport, your air ticket, PAN card, LERMS Form and Residence Permit in case of Foreign Nationals.

 Can I pay for my Foreign Currency in Indian Rupee in cash?

Foreign exchange for your personal foreign trip can be purchased from recommended government authorized Forex Dealer against Indian Rupee payment in cash only 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/ debit card / credit card / prepaid card only. Please note that providing a PAN Card is mandatory for payments above INR 25,000.

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