Forex for a trader
How much forex can a person carry

How much forex can a person carryHow much forex can a person carry. How much foreign exchange can be purchased in foreign currency notes while buying exchange for travel abroad? Travellers are allowed to purchase foreign currency notescoins only up to USD 2000. Balance amount can be taken in the form of traveller’s 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 US$ 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 released in form of foreign currency notes or coins. How much in advance one can buy foreign exchange for travel abroad? 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. Can one pay by cash full rupee equivalent of foreign exchange being purchased for travel abroad ? 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 chequebanker’s chequepay orderdemand draft only. Within what period a traveller who has returned to India is required to surrender foreign exchange? On return from a foreign trip travellers are required to surrender unspent foreign exchange held in the form of currency notes within 90 days and travellers’ cheques within 180 days of return. However, they are free to retain foreign exchange upto USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their RFC(Domestic) Account without any limit. On return to India can one retain some foreign exchange? Residents are permitted to hold foreign currency up to USD 2,000 or its equivalent or credit to their RFC(Domestic) Account without any limit provided the foreign exchange was - acquired by him while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or. acquired by him, from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation, or. acquired by him by way of honorarium or gift while on a visit to any place outside India; or. acquired by him from an authorised person for travel abroad and represents the unspent amount thereof. Is one required to surrender foreign coins also to an authorised dealer, money changers?

There is no restriction on residents holding foreign coins. 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. upto Rs. 5,000 from any country other than Nepal or Bhutan, and b. any amount in denomination not exceeding Rs.100 from Nepal or Bhutan. While going abroad how much foreign exchange, in cash, can a person carry? Residents are free to carry the foreign exchange purchased from an authorised dealer or money changer in accordance with the Rules. They are, however, allowed to carry foreign exchange in the form of currency notescoins upto USD 2,000 or its equivalent only. Balance amount can be carried in the form of traveller’s cheque or bankers draft. 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. upto Rs. 5,000 from any country other than Nepal or Bhutan, and b. any amount in denomination not exceeding Rs.100 from Nepal or Bhutan. While going abroad how much foreign exchange, in cash, can a person carry? Residents are free to carry the foreign exchange purchased from an authorised dealer or money changer in accordance with the Rules. They are, however, allowed to carry foreign exchange in the form of currency notescoins upto USD 2,000 or its equivalent only. Balance amount can be carried in the form of traveller’s cheque or bankers draft. (In this connection please see item No.9). While coming into India how much foreign exchange can be brought in? 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 andor 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. While going abroad how much foreign exchange can a person carry?

Residents are free to carry the foreign exchange purchased from an authorised dealer or money changer in accordance with the Rules. In addition, they can also carry up to USD 2,000, or higher amounts representing the unutilized balance of a previous trip, if already held by them (see above) in accordance with the Regulations. How much forex can a person carry. The legal framework for administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999. Under the Act, freedom has been granted for buying and selling of foreign exchange for undertaking current account transactions. The Government has issued Foreign Exchange Management (Current Account Transactions) Rules, 2000 which have been notified vide Notifications GSR. 381(E) dated May 3, 2000, S. O. 301(E) dated March 30, 2001 and GSR.608(E) dated September 13, 2004 as amended from time to time. The last amendment to the G. S.R is vide Notification No., G. S.R. No.412 (E) dated July 10,2006 notifying certain relaxations on current account transactions in public interest. Under the Foreign Exchange Management Act, 1999 (FEMA) in lieu of FERA, which has come into force with effect from June 1, 2000, all transactions involving foreign exchange have been classified either as Capital or Current Account transactions. All transactions undertaken by a resident that do not alter his assets or liabilities outside India are current account transactions. In terms of Section 5 of the FEMA, persons are free to buy or sell foreign exchange for any current account transaction except for those transactions on which Central Government has imposed restrictions, vide its Notification referred to above A copy of the Notification is available in the Official Gazette as well as an annexure to our Master Circular on Miscellaneous Remittances available at our website mastercirculars. rbi. org. in. These details are available on the Reserve Bank's website as well as with the Authorized Dealers and Regional Offices of the Foreign Exchange Department of Reserve Bank.

This FAQ attempts to answer all such questions in simple language. I. Guidelines on Travel Related Matters. 1. Who is a resident? A 'person resident in India' is defined in Section 2(v) of FEMA, 1999 as: A person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include - (A) a person who has gone out of India or who stays outside India, in either case - for or on taking up employment outside India, or. for carrying on outside India a business or vocation outside India, or. for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period; (B) a person who has come to or stays in India, in either case, otherwise than - for or on taking up employment in India, or. for carrying on in India a business or vocation in India, or. for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period; any person or body corporate registered or incorporated in India, an office, branch or agency in India owned or controlled by a person resident outside India, an office, branch or agency outside India owned or controlled by a person resident in India; That is to qualify as a resident the person concerned will have to fulfill the criterion regarding (a) the duration of stay and (b) the purpose of stay. The term Person Resident Outside India is defined in the Act as a person who is not a person resident in India. 2. From where one can buy foreign exchange? Foreign exchange can be purchased from any authorized dealer. Besides authorized dealers, full-fledged money changers are also permitted to release exchange for business and private visits. 3. Who is an Authorized Dealer? An Authorized Dealer is normally a bank specifically authorized by the Reserve Bank under Section 10(1) of FEMA,1999, to deal in foreign exchange or foreign securities (List available on fedai. org. in ). 4. How much exchange is available for a business trip? Authorized Dealers can release foreign exchange up to USD 25,000 for a business trip to any country other than Nepal and Bhutan.

Release of foreign exchange exceeding USD 25,000 for a travel abroad (other than Nepal and Bhutan) for business purposes, irrespective of period of stay, requires prior permission from Reserve Bank. Visits in connection with attending of an international conference, seminar, specialized training, study tour, apprentice training, etc., are treated as business visits. Maintenance expense of a patient going abroad for medical treatment andor check up or for accompanying as assistant to the patient going abroad for medical treatment check-up also falls within this category. Incidentally, no release of foreign exchange is admissible for any kind of travel to Nepal and Bhutan or for any transaction with persons resident in Nepal and Bhutan. 5. Can one obtain foreign exchange for medical treatment outside India? Authorized Dealers may release foreign exchange up to USD 100,000 or its equivalent to resident Indians for medical treatment abroad on self declaration basis of essential details, without insisting on any estimate from a hospitaldoctor in Indiaabroad. A person visiting abroad for medical treatment can obtain foreign exchange exceeding the above limit, provided the request is supported by an estimate from a hospitaldoctor in Indiaabroad. This exchange is to meet the expenses involved in treatment. In addition to the amount referred to in Answer to Question No.4 above may also be availed. 6. How much exchange is available for studies outside India? ADs may release an amount of USD 100,000 per academic year or the estimate received from the institution abroad, whichever is higher. Students going abroad for studies are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA.

In addition, they can receive remittances up to USD 100,000 from close relatives (as defined in Section 6 of the Companies Act, 1956) from India on self-declaration, towards maintenance, which could include remittances towards their studies also. Educational and other loans availed of by students as resident in India can be allowed to continue. There is no dilution in the existing remittance facilities to students in regard to their academic pursuits. 7. How much foreign exchange can one buy when traveling abroad on private visits to a country outside India? In connection with private visits abroad, viz., for tourism purposes, etc., foreign exchange up to USD 10,000, in any financial year may be obtained from an authorized dealer on a self-declaration basis. The ceiling of USD 10,000 is applicable in aggregate and foreign exchange may be obtained for one or more than one visit provided the aggregate foreign exchange availed of in one financial year does not exceed the prescribed ceiling of USD 10,000 . This limit of USD 10,000 per financial year can be availed of by a person along with foreign exchange for travel abroad for any purpose, including for employment or immigration or studies. However, no foreign exchange is available for visit to Nepal andor Bhutan for any purpose. 8. How much foreign exchange is available to a person going abroad on employment? Person going abroad for employment can draw foreign exchange up-to USD 100,000 from any authorized dealer in India on the basis of self-declaration. 9. How much foreign exchange is available to a person going abroad on emigration? Person going abroad on emigration can draw foreign exchange up to USD 100,000 on self - declaration basis from an authorized dealer in India or the amount prescribed by the country of emigration. This amount is only to meet the incidental expenses in the country of emigration.

No amount of foreign exchange can be remitted outside India to become eligible or for earning points or credits for immigration. All such remittances require prior permission of the Reserve Bank. 10. Is there any category of visit which requires prior approval from the Reserve Bank or Govt. of India? Dance troupes, artistes, etc., who wish to undertake cultural tours abroad, are required to obtain prior approval from the Ministry of Human Resources Development, Government of India, New Delhi. 11. How much foreign exchange can be purchased in foreign currency notes while buying exchange for travel abroad? Travelers are allowed to purchase foreign currency notescoins only up to USD 2000. Balance amount can be taken in the form of travelers cheque or banker's draft. Exceptions to this are (a) travelers 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) 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 the form of foreign currency notes or coins. 12. Do same Rules apply to persons going for studies abroad?

For the purpose of studies abroad, exchange for maintenance expenses is released in the form of (i) currency notes up to USD 2,000, (ii) the balance foreign exchange may be taken in the form of travelers cheques or bank draft payable overseas. 13. How much in advance one can buy foreign exchange for travel abroad? 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 authorized dealer. 14. Can one pay by cash full rupee equivalent of foreign exchange being purchased for travel abroad ? Foreign exchange for travel abroad can be purchased from authorized 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 chequebanker's chequepay orderdemand draft only. 15. Is there any time frame for a traveler who has returned to India is required to surrender foreign exchange? 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 up to USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their RFC(Domestic) Accounts without any limit.

16. On return to India can one retain foreign exchange? Residents have the choice of either holding foreign currency up to USD 2,000 or its equivalent or credit the amount to their RFC(Domestic) Accounts without any limit provided the foreign exchange was acquired by them. a. while on a visit abroad as payment for services not arising from any business in or anything done in India; or b. as honorarium or gift or for services rendered or in settlement of any lawful obligation from any person who is not resident in India and who is on a visit to India; or c. as honorarium or gift while on a visit to any place outside India; or d. from an authorized person for travel abroad and represents the unspent amount thereof. 17. Is one required to surrender foreign coins also to an authorized dealer? There is no restriction on residents holding foreign coins. 18. How much foreign exchange can a resident individual send as gift donation to a person resident outside India? Limit of USD 50,000 per financial year under the Liberalized Remittance Scheme would also include remittances towards gift and donation by a resident individual. Accordingly, under the Scheme, any resident individual, if he so desires, may remit the entire limit of USD 50,000 in one financial year as gift to a person residing outside India or as donation to a charitableeducational religiouscultural organization outside India. Remittances exceeding the limit will require prior permission from the Reserve Bank. 19. How much foreign exchange can other residents send as gift donation to a person resident outside India? Other residents like corporates, partnership firms, trusts etc., are free to remit up to USD 5000 per annum per donorremitter each as gift and donation. Remittances exceeding the limit will require prior permission from the Reserve Bank. 20. Is one permitted to use International Credit Card (ICC) for undertaking foreign exchange transactions? 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.

The entitlement of foreign exchange on International Credit Cards (ICCs) is limited by the credit limit fixed by the card issuing authority only. With ICCs one can (i) meet expensesmake purchases while abroad (ii) make payments in foreign exchange for purchase of books and other items through internet in India. If the person has a foreign currency account in India or with a bank overseas, heshe can even obtain ICCs of overseas banks and reputed agencies. Use of these instruments for payment in foreign exchange in Nepal and Bhutan is not permitted. 21. 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. 5,000 from any country other than Nepal or Bhutan, and b. any amount in denomination not exceeding Rs.100 from Nepal or Bhutan. 22. While going abroad how much foreign exchange, in cash, can a person carry? Residents are free to carry the foreign exchange purchased from an authorized dealer or full fledged money changer in accordance with the Rules. They are, however, allowed to carry foreign exchange in the form of currency notescoins up to USD 2,000 or its equivalent only. Balance amount can be carried in the form of travelers cheque or bankers draft. (In this connection please see item No.11). 23. While going abroad how much Indian currency, in cash, can a person carry? Residents are free to take outside India (other than to Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 5,000 - per person. They may take or send outside India (other than to Nepal and Bhutan) commemorative coins not exceeding two coins each. Explanation : 'Commemorative Coin' includes coin issued by Government of India Mint to commemorate any specific occasion or event and expressed in Indian currency. A person can take or send out of India to Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs. 100); 24. While coming into India how much foreign exchange can be brought in? 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 travelers cheques brought in exceeds USD 10,000- or its equivalent andor 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.

25. Is one required to follow complete export procedure when a gift parcel is sent outside India? A person resident in India is free to send (export) any gift article of value not exceeding Rs. 5,00,000 provided export of that item is not prohibited under the extant Foreign Trade Policy. 26. How much jewelry one can carry while going abroad? Taking personal jewelry out of India is governed by Baggage Rules framed under Foreign Trade Policy by the Government of India. No approval of Reserve Bank is required in this case. 27. Can a resident extend local hospitality to a non-resident? A person resident in India is free to make any payment in Indian Rupees towards meeting expenses on account of boarding, lodging and services related thereto or travel to and from and within India of a person resident outside India who is on a visit to India. 28. Can residents purchase air tickets in India for their travel not touching India? Residents may book their tickets in India for their visit to any third country. That is, residents can book their tickets for travel, for instance from London to New York, through domesticforeign airlines in India itself.

29. Can a resident open a foreign currency denominated account in India? Persons resident in India are permitted to maintain foreign currency accounts in India under the following three Schemes: a. Exchange Earners' Foreign Currency (EEFC) Accounts:- All categories of resident foreign exchange earners can credit up to 100 per cent of their foreign exchange earnings, as specified in the paragraph 1 (A) of the Schedule to Notification No. FEMA.102000-RB dated 3rd May, 2000 and as amended from time to time, to their EEFC Account with an authorized dealer in India. Funds held in EEFC account can be utilized for all permissible current account transactions and also for approved capital account transactions as specified by the extant RulesRegulations Notifications Directives issued by the GovernmentRBI from time to time. b. Resident Foreign Currency (RFC) Accounts :- Returning Indians, i. e., those Indians, who were non-residents earlier, and are returning now for permanent stay, are permitted to open, hold and maintain with an authorized dealer in India a Resident Foreign Currency (RFC) Account to keep their foreign currency assets. Assets held outside India at the time of return can be credited to such accounts. The foreign exchange (i) received or acquired as gift or inheritance from a person referred to sub-section (4) of section 6 of FEMA,1999 or (ii) referred to in clause (c) of section 9 of the Act or acquired as gift or inheritance therefrom may also be credited to this account or (iii) received as the proceeds of life insurance policy claimsmaturity surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by the Insurance Regulatory and Development Authority. The funds in RFC account are free from all restrictions regarding utilization of foreign currency balances including any restriction on investment outside India. c. RFC (Domestic) Account:- A person resident in India can open, hold and maintain with an authorized dealer in India, a Resident Foreign Currency (Domestic) Account, out of foreign exchange acquired in the form of currency notes, Bank notes and travelers cheques from any of the sources like, payment for services rendered abroad, as honorarium, gift, services rendered or in settlement of any lawful obligation from any person not resident in India. The account may also be credited withopened out of foreign exchange earned like proceeds of export of goods andor services, royalty, honorarium, etc., andor gifts received from close relatives (as defined in the Companies Act) and repatriated to India through normal banking channels by resident individuals. The account shall be maintained in the form of Current Account and shall not bear any interest. There is no ceiling on the balances in the account. 30. Can a person resident in India hold assets outside India?

In terms of sub-section 4, of Section (6) of the Foreign Exchange Management Act, 1999, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India or inherited from a person who was resident outside India. (Please also refer to the Liberalized Remittance Scheme of USD 50,000 discussed below). II. Liberalized Remittance Scheme of USD 50,000. 31. What is the Liberalized Remittance Scheme of USD 50,000? This is a facility extended to all resident individuals under which, they may freely remit up to USD 50,000 per financial year for any permissible current or capital account transaction or a combination of both. 32. Who is eligible to avail of this Liberalized Remittance Facility? The facility is available to resident individuals only. 33. Is there any frequency for the remittance? There is no restriction on the frequency. However, the total amount of foreign exchange purchased from or remitted through, all sources in India during the current financial year should be within the limit of USD 50,000-. 34. What are the purposes for which remittance can be made under the Scheme? This facility is available for making remittances for any permissible current or capital account transaction or a combination of both. It is not available for purposes specifically prohibited (Schedule I) or regulated by the Government of India (Schedule II) of Foreign Exchange Management (Current Account Transactions) Rules, 2000. 35. Can residents avail of this facility for acquiring immovable property and other assets abroad? Yes. Individuals are free to use this Scheme to acquire and hold immovable property, shares or any other asset outside India without prior approval of Reserve Bank. 36. Can individuals open foreign currency account abroad for making remittance under the Scheme?

Yes. Individuals are free to open, hold and maintain foreign currency accounts with a bank outside India for making remittances under the Scheme without the prior approval of Reserve Bank. The account can be used for putting through any transaction connected with or arising from remittances under the Scheme. 37. What is the impact of the Scheme on the existing facilities for privatebusiness travel, studies, medical treatment etc.items covered in Schedule III of Foreign Exchange Management (Current Account Transactions) Rules, 2000?. The facility under the Scheme is in addition to those already available under Foreign Exchange Management (Current Account Transactions) Rules, 2000. 38. Can an individual send remittance under the Scheme to any country? Remittance cannot be made directly or indirectly to Bhutan, Nepal, Mauritius or Pakistan. The facility is also not available for making remittances directly or indirectly to countries identified by the Financial Action Task Force (FATF) as 'non-co-operative Countries or Territories, from time to time. For the current list of such countries territories please visit fatf-gafi. org . Further, remittance under the facility cannot be made to individuals and entities identified as posing significant risk or committing acts of terrorism as advised to banks by Reserve Bank from time to time. 39. What are the requirements to be complied with by the remitter?

The individual will have to designate a branch of an AD through which all the remittances under the Scheme will be made. The applicants should have maintained the bank account with the bank for a minimum period of one year prior to the remittance. He has to furnish an application-cum-declaration in the specified format regarding the purpose of the remittance and declare that the funds belong to him and will not be used for purposes prohibited or regulated under the Scheme. 40. If an investment of USD 50,000 rises in value within the year, can one book profits and invest abroad again? The investor is free to book profit or loss abroad and to invest abroad again. He is under no obligation to repatriate the funds remitted abroad. 41. Can an individual, who has repatriated the amount remitted during the financial year, avail of the facility once again? Once a remittance is made for an amount up to USD 50,000 during the financial year, he would not be eligible to make any further remittances under this route, even if the proceeds of the investments have been brought back into the country. 42. Can remittances be made only in US Dollars? The remittances can be in any currency equivalent to USD 50,000 in a financial year. 43. Last year, resident individuals could invest in overseas companies listed on a recognized stock exchange abroad and which has the shareholding of at least 10 per cent in an Indian company listed on a recognized stock exchange in India. Does this condition still exist? Investment by resident individual in overseas companies is subsumed under the Scheme of USD 50,000. The requirement of 10 per cent reciprocal shareholding in the listed Indian companies by such overseas companies has since been dispensed with.

III. Guidelines for Financial Intermediaries offering special schemes, protection under the Scheme. 44. Are intermediaries expected to seek specific approval for making overseas investments available to clients? Banks including those not having operational presence in India are required to obtain prior approval from Reserve Bank for soliciting deposits for their foreignoverseas branches or for acting as agents for overseas mutual funds or any other foreign financial services company. 45. Are there any restrictions on the kindquality of debt or equity instruments an individual can invest in? No ratings or guidelines have been prescribed under the Liberalized Remittance Scheme of USD 50,000 on the quality of the investment an individual can make. However, the individual investor is expected to exercise due diligence while taking a decision regarding the investments which he or she proposes to make. 46. Whether minor resident individuals would be permitted to open, maintain and hold such foreign currency accounts, if the same is permissible as per local law in the country of the overseas branch? Banks may take necessary steps in the matter based on the settled legal position regarding enforcement of the declaration in case the remittance is made on behalf of a minor. 47. Whether credit facilities in Indian Rupees or foreign currency would be permissible against security of such deposits? No. The Scheme does not envisage extension of credit facility against the security of the deposits. 48. Can bankers open foreign currency accounts in India for residents under the Scheme?

No. Banks in India can not open foreign currency accounts in India for residents under the Scheme. 49. Can an Offshore Banking Unit (OBU) in India be treated on par with a branch of the bank outside India for the purpose of opening of foreign currency accounts by residents under the Scheme? No. For the purpose of the Scheme, an OBU in India is not treated as an overseas branch of a bank in India. For further detailsguidance, please approach any bank authorized to deal in foreign exchange or contact Regional Offices of the Foreign Exchange Department of the Reserve Bank. Travel Guide : How much currency can you carry to India? This article explains the Indian Customs limit on the amount of cash (Indian and Foreign currency) you can carry in and out of India with you. Ever since India Government announced the ban on higher denomination currencies (Rs 500 and Rs 1000) overnight, there has been lot of panic among Indians as on how to exchange the currency in their hands. While Indian residents can exchange or deposit the money in banks until 30 December 2016, the options for NRIs are limited. The most suitable option is to either take the money with them or send with someone who is travelling to India soon (Read more here). The next question is how much money they can take by hand. Unfortunately, there is lot of confusing information online, including some official websites, which are not updated in the past one year (since announcement of new rules during early 2016). Even RBI and Customs website have pages which are not updated. Here is the up-to-date information based on Reserve Bank of India notification dated 4 February 2016.

Importing Indian Currency. As RBI norms, passengers (excluding citizens of Pakistan or Bangladesh) coming to India may carry Indian currency up to Rs. 25,000. The information you see on most websites – like Rs 7500, Rs 10000 etc – are old limits prior to 2016. For those who need to see official confirmation from government, see the RBI notification: Detailed explanation from Reserve Bank of India Notification. “Any person resident outside India, not being a citizen of Pakistan or Bangladesh, and visiting India …. may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person” Exporting Indian Currency. As RBI norms, passengers (excluding citizens of Pakistan or Bangladesh) may take out of India (other than to Nepal and Bhutan), Indian currency up to Rs. 25,000. Detailed explanation from Reserve Bank of India Notification. “Any person resident in India …. may take outside India (other than to Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person.” “Any person resident outside India, not being a citizen of Pakistan or Bangladesh, and visiting India …. may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person” Importing Foreign Currency. Any person can bring into India, from a place outside India, foreign currency without any limit.

However the currency must be declared by filing CDF (Currency Declaration Form) in the following cases: the aggregate value of foreign currency notes is in excess of USD 5000 or equivalent OR the aggregate value of foreign exchange in the form of currency notes, bank notes or traveller’s cheques is in excess of USD 10,000 or its equivalent. Detailed explanation from Reserve Bank of India Notification. “A person …. may bring into India from any place outside India without limit foreign exchange (other than unissued notes) subject to the condition that such person makes, on arrival in India, a declaration to the Customs authorities in Currency Declaration Form (CDF). It shall not be necessary to make such declaration where the aggregate value of the foreign exchange in the form of currency notes, bank notes or travelers cheques brought in by such person at any one time does not exceed US$10,000 (US Dollars ten thousand) or its equivalent and or the aggregate value of foreign currency notes brought in by such person at any one time does not exceed US$ 5,000 (US Dollars five thousand) or its equivalent” Exporting Foreign Currency. There is no limit to carry foreign exchange from India to any country. However the currency must be declared by filing CDF (Currency Declaration Form) if : the aggregate value of foreign currency notes is in excess of USD 5000 or equivalent OR the aggregate value of foreign exchange in the form of currency notes, bank notes or traveller’s cheques is in excess of USD 10,000 or its equivalent. Detailed explanation from Reserve Bank of India Notification. “any person may take out of India … a. foreign exchange possessed by him in accordance with the Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2000 ; b. unspent foreign exchange brought back by him to India while returning from travel abroad and retained in accordance with the Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2000” “any person resident outside India may take out of India unspent foreign exchange not exceeding the amount brought in by him and declared in Currency Declaration Form (CDF).” To sum up the complicated rules : a) Passengers can bring up to Rs 25,000 and take out Rs 25,000 in Indian currency.

b) Passengers can bring in or take out unlimited foreign currency, but has to fill up declaration form if total cash amount is more than USD 5000 or total is more than USD 10,000. What is the Indian customs limit on the amount of cash that I can carry from USA to India? Import: Currency Regulations in India. Local Currency (INR) - Any person resident in India, who had gone out of India on a temporary visit, may bring into India at the time of his return from any place outside India (other than from Nepal and Bhutan), currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees Twenty Five Thousand only) per person. Any person residing outside India and visiting India may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person. Foreign Currency- There is no limit to bring foreign exchange in India from the US. However, the aggregate value of foreign currency notes in excess of USD 5000 or equivalent and the aggregate value of foreign exchange in the form of currency notes, bank notes or traveller's cheques in excess of USD 10,000 or its equivalent must be declared to the customs. The limit for foreign currency notes is USD 3,000 and must be declare by filing CDF (Currency Declaration Form) if it exceeds the limit. Export: Currency Regulations in India. Foreign Currency- There is no limit to carry foreign exchange to the US. However, amounts exceeding USD 5,000 or equivalent and foreign exchange in the form of currency notes, bank notes or traveller's cheques in exceeding USD 10,000 or its equivalent must be declared to the customs. Local Currency (INR) - There is a limit of INR 25,000 per person for Indian residents to carry from India to US. Any person who resides outside India is allowed to take out of India, the unspent money bought by himher. Any person residing outside India may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person. Nigeria changes rules on carrying foreign currency cash across her borders. Sunday, July 05, 2015 01.11 AM CBN. The Central Bank of Nigeria (CBN) notes with concern the increasing trafficking of huge sums of foreign currency across our borders.

This practice is in defiance of the extant dictates of Section 2 (subsection 3-5) of the Money Laundering (Prohibition) Act 2011 (as amended) which categorically states that: ·“Transportation of cash or negotiable instruments in excess of US$10,000.00 or its equivalent by individuals in or out of the country shall be declared to the Nigerian Customs Service.” (subsection 3) ·“The Nigerian Customs Service shall report any declaration made pursuant to subsection (3) of this section to the Central Bank of Nigeria.”(subsection 4) ·“Any person who falsely declares or fails to make a declaration to the Nigerian Customs Service pursuant to section 12 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, F34, LFN, 2004 is guilty of an offence and shall be liable on conviction to forfeit the undeclared funds or negotiable instrument or to imprisonments to term of not less than 2 years or to both.” (subsection 5) The general public is hereby informed that upon receipt of any Notice of declaration from the Nigerian Customs Service, the CBN will investigate the source of fund and seek justification for the possession of such volume of cash to ensure that no money laundering activity is involved. Those affected will also be expected to provide evidence of payment of taxes and duties related to the cash transaction. For the avoidance of doubt, the general public is here by notified that the CBN (in collaboration with other relevant regulatory and security agencies) will promptly apply appropriate sanctions and penalties for contravention of the provisions of this Act. How much forex can a person carry. There is no limit, if it's more than 10'000 USD however, you need to declare it: There is no limit on the amount of money that can be taken out of or brought into the United States. However, if a person or persons traveling together and filing a joint declaration (CBP Form 6059-B) have $10,000 or more in currency or negotiable monetary instruments, they must fill out a "Report of International Transportation of Currency and Monetary Instruments" FinCEN 105 (former CF 4790). There is no limit to the amount of cash you can carry, however if you are carrying more than $10,000 USD (or equivalent in foreign currency) then you must declare it (full details on how to do that at the URL above). However bringing cash is very rarely the best strategy for foreign exchange. Although your credit or ATM cards might charge you a fee when you use them in the US, they generally offer an exchange rate that is far better than you'll get when converting GBP cash to USD cash. The difference in exchange rate will normally at least cancel out the creditdebit card fees. If you convert too much cash and have to convert it back to GBP when your trip is over then you lose out again as once again you'll get a poor exchange rate for the conversion. Cash also leaves you at risk of losing it andor having is stolen.

Even if you have travel insurance it normally does not cover the loss of cash. There are multiple questions on here regarding the best way to manage money when traveling - I suggest you do some searching and you'll find the better options than taking physical cash with you! $650) in two weeks, I will just use my debit card to draw cash. Isn't that a lot of savings? Just pointing out. Not denying that security is the key, I can lose everything anyway. – hagubear Mar 2 '14 at 18:17. Entering the U. S. with over $10000 in cash (or equivalent in any combination of foreign currency) will require you to fill declare the cash and will raise a few red flags. They may require proof of where you earned the money and ask why you're choosing to bring it to the U. S. Typically, withdrawing money from an ATM is an even better option for getting local currency than exchanging it at your bank. Simply use a U. S. ATM with your UK bank card to remove funds from your account in dollars. This will sometimes incur a fee from your bank, but it is possible that your bank will reimburse you for these fees. Check your bank's website for more details. Since the U. S. Dollar and the Pound are both major world currencies, foreign exchange spreads should be very narrow. Be sure to compare rates. Generally, you will get the worst rates at the airport and the best rates by withdrawing at an ATM. Consider also using your credit card.

Some cards have an overseas transaction fee, but if yours doesn't, you can bring less cash by using your card for most purchases. How much forex can a person carry into india hycoqe51310920. Forex diamond coupons - Series 3 forex. You have not yet voted on this site If you have already visited the site, please help us classify the good from the bad by voting on this site. You can instantly reset your NetBanking passwordIPIN) by following the below steps: Enter your Customer ID; Select one of the two methods for authenticating the. Lululelutin I always get back to the question, mental energies in the machinery of., is it really necessary that men should consume so much of their bodily. EmpireOption is owned , Kingstown VC0100, St., operated by Baumann , Kraus Enterprises LtdReg No 1566CTD2015) with its Registered Office at Stoney Ground Get the latest international news , world events from Asia, videos at., Europe, , e world news photos , the Middle East. Get the latest news , business news, financial news , including national , analysis in the stock market today, world stock market news, more. 1 A person coming into India from abroad can bring with him foreign exchange without any limit However, where the aggregate value of foreign exchange in the form of. It has been suggested that Reserve Bank of India: Working , Functions be merged into this posed since November 2016. Jun 03, Responses toTop 10 Finance portals in India My favourite for Equity Research , Stock Movement Tracking. I came across this website The figures just blew my mind How can a person give 8 recommendations , all are multi baggers I contacted him with my array of queries.

485 Comments onUSI Tech Review 2 0: Forex auto trading dropped for bitcoin Ponzi. How much forex can a person carry into india. Equity Mutual Funds: Invest in best mutual funds in India with HDFC Bank Mutual funds are funds that pool the money of several investors to invest in equity , debt. Sep 04, 2007 You are right s Very poor condition for PG choice in india We are a indian company , just 2 years we have tried 5 Payment gateway on our. Answer Key Detailed Solutions UPSC Civil Services Prelims Exam2017 General Studies 1 SET TE: Please share your scores in the comment box. India, the second most populous., officially the Republic of IndiaBharat Ga?arajya is a country in South is the seventh largest country by area. FOREX INVESTMENTS Have you heard about Forex, but don t understand the risks and rewards of investing If so, click here to learn more about the fastest growing. Hai, My name is Alvin Any one in India can trade in Forex provided by the authorized brokers in Indian stock exchanges But their is only 4 currency pairs and the. Dodgers braves trade rumors. As the juggernaut of world history rolled on, many civilisations rose and fell and passed into oblivion but the spirit of India remains eternal and invincible. Gratitude makes us feel more gratitude This is why a five minute a week gratitude journal can make us so much happier The actual gratitude produced during those. Visual forex eric david. That s why I m a huge advocate of always starting a side business while working full time, so that you can test your way into your new product or service, get. How much forex can a person carry.

There is really no limit set on the amount of cash you can carry into the country. The only difference is whether or not you need to declare it when you cross the border which according to EU Regulation 18092005 is 10000 Euro. The only thing is that when you carry amounts of that size or larger Customs and various other agencies start to get curious on where this money came from. Additional Info as per @Annoyed's comment. Export of foreign exchangecurrency notes: Indian residents going abroad are allowed to take with them foreign currency upto any amount so long as the same has been purchased from an authorized foreign exchange dealer as per norms . Any person resident out of India is allowed to take out of India unspent foreign currency not exceeding the amount brought by him on his arrival in India provided that in the case of foreign currency notes exceeding US$ 5,000- or its equivalent or foreign exchange in the form of currency notes, bank notes or traveller’s cheques exceeding US$ 10,000- or its equivalent, the same was declared to the Customs authorities in Currency Declaration Form (CDF) at the time of his arrival in India. So long story short. Still no limitation as long as the source can be proven legitimate. There is a limit, though I am surprised by Mumbai Custom website wordings. In the same website if you scroll down you will see limits on hard currency you can carry. Travellers are allowed to purchase foreign currency notescoins only up to US$ 2000. Balance amount can be taken in the form of traveller’s 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 US$ 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 released in form of foreign currency notes or coins. As a Tourist, this is a total limit.

In connection with private visits abroad, viz., for tourism purposes, etc., foreign exchange up to US$10,000, in any one calendar year may be obtained from an authorised dealer. The ceiling of US$10,000 is applicable in aggregate and foreign exchange may be obtained for one or more than one visits provided the aggregate foreign exchange availed of in one calendar year does not exceed the prescribed ceiling of US$10,000 . This US$10,000 (BTQ) can be availed of by a person alongwith foreign exchange for travel abroad for any purpose, including for employment or immigration or studies. However, no foreign exchange is available for visit to Nepal andor Bhutan for any purpose. For Business Travel. Authorised dealers can release foreign exchange up to US$25,000 for a business trip to any country other than Nepal and Bhutan. Release of foreign exchange exceeding US$25,000 for a travel abroad (other than Nepal and Bhutan) for business purposes, irrespective of period of stay, requires prior permission from Reserve Bank. Visits in connection with attending of an international conference, seminar, specialised training, study tour, apprentice training, etc., are treated as business visits. Visit abroad for medical treatment andor check up also falls within this category. Travel Guide : How much currency can you carry to India? This article explains the Indian Customs limit on the amount of cash (Indian and Foreign currency) you can carry in and out of India with you. Ever since India Government announced the ban on higher denomination currencies (Rs 500 and Rs 1000) overnight, there has been lot of panic among Indians as on how to exchange the currency in their hands. While Indian residents can exchange or deposit the money in banks until 30 December 2016, the options for NRIs are limited. The most suitable option is to either take the money with them or send with someone who is travelling to India soon (Read more here). The next question is how much money they can take by hand. Unfortunately, there is lot of confusing information online, including some official websites, which are not updated in the past one year (since announcement of new rules during early 2016). Even RBI and Customs website have pages which are not updated.

Here is the up-to-date information based on Reserve Bank of India notification dated 4 February 2016. Importing Indian Currency. As RBI norms, passengers (excluding citizens of Pakistan or Bangladesh) coming to India may carry Indian currency up to Rs. 25,000. The information you see on most websites – like Rs 7500, Rs 10000 etc – are old limits prior to 2016. For those who need to see official confirmation from government, see the RBI notification: Detailed explanation from Reserve Bank of India Notification. “Any person resident outside India, not being a citizen of Pakistan or Bangladesh, and visiting India …. may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person” Exporting Indian Currency. As RBI norms, passengers (excluding citizens of Pakistan or Bangladesh) may take out of India (other than to Nepal and Bhutan), Indian currency up to Rs. 25,000. Detailed explanation from Reserve Bank of India Notification. “Any person resident in India …. may take outside India (other than to Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person.” “Any person resident outside India, not being a citizen of Pakistan or Bangladesh, and visiting India …. may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person” Importing Foreign Currency.

Any person can bring into India, from a place outside India, foreign currency without any limit. However the currency must be declared by filing CDF (Currency Declaration Form) in the following cases: the aggregate value of foreign currency notes is in excess of USD 5000 or equivalent OR the aggregate value of foreign exchange in the form of currency notes, bank notes or traveller’s cheques is in excess of USD 10,000 or its equivalent. Detailed explanation from Reserve Bank of India Notification. “A person …. may bring into India from any place outside India without limit foreign exchange (other than unissued notes) subject to the condition that such person makes, on arrival in India, a declaration to the Customs authorities in Currency Declaration Form (CDF). It shall not be necessary to make such declaration where the aggregate value of the foreign exchange in the form of currency notes, bank notes or travelers cheques brought in by such person at any one time does not exceed US$10,000 (US Dollars ten thousand) or its equivalent and or the aggregate value of foreign currency notes brought in by such person at any one time does not exceed US$ 5,000 (US Dollars five thousand) or its equivalent” Exporting Foreign Currency. There is no limit to carry foreign exchange from India to any country. However the currency must be declared by filing CDF (Currency Declaration Form) if : the aggregate value of foreign currency notes is in excess of USD 5000 or equivalent OR the aggregate value of foreign exchange in the form of currency notes, bank notes or traveller’s cheques is in excess of USD 10,000 or its equivalent. Detailed explanation from Reserve Bank of India Notification. “any person may take out of India … a. foreign exchange possessed by him in accordance with the Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2000 ; b. unspent foreign exchange brought back by him to India while returning from travel abroad and retained in accordance with the Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2000” “any person resident outside India may take out of India unspent foreign exchange not exceeding the amount brought in by him and declared in Currency Declaration Form (CDF).” To sum up the complicated rules : a) Passengers can bring up to Rs 25,000 and take out Rs 25,000 in Indian currency. b) Passengers can bring in or take out unlimited foreign currency, but has to fill up declaration form if total cash amount is more than USD 5000 or total is more than USD 10,000.



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