You can retain foreign exchange up to $2,000 in the form of foreign currency notes or traveller’s cheque for future use or in a special account, if you meet certain conditions. Resident Indians can keep foreign currency holdings of up to $2,000 in a resident foreign currency (domestic) account.
What is the limit of foreign currency?
Carrying foreign exchange
RBI has laid down an upper cap of $3,000 per visit on purchase of foreign currency in the form of notes and coins. One can purchase an equivalent of maximum $10,000 in the form of a forex card.
What are the foreign exchange limits specified by RBI?
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.
Is keeping foreign currency illegal?
It is legal to keep the foreign currency but the catch is that there are certain rules set against holding a foreign currency for long. … It is never too late to return your leftover foreign currency, be it foreign currency notes or FCDD / Foreign currency demand draft.
Can we take Indian currency out of India?
Exporting Indian rupees is strictly prohibited for non-Indian residents. … There’s no limit to how much of a foreign currency you can take out of India, but if it’s US$5,000 or more in banknotes and coins, or US$10,000 or more in coins, notes and traveller’s cheques, it will have to be declared.
Can Indian banks give foreign currency?
The money changer will first approach a bank in India. The next step is to find an authorised dealer abroad who can send stock of the foreign currencies. An agreement will be made between the dealer abroad and the money changer in India regarding payment, exchange rates etc. Banks will be legalising the entire process.
Can I buy USD in India?
You can exchange USD to INR in India at banks or RBI approved money changers. For money conversion at the banks, you need to have a bank account with them. They also charge a service fee, plus the exchange rate given by banks is not the best in the market.
How many dollars can we carry to USA from India?
The legal limit to carry cash currency in US Dollars from India to USA is USD 3000 per person per trip. However, you can carry up to US $10,000 in form of currency notes, Travelers check, etc. without declaring it at the customs.
How can I sell foreign currency in India?
The procedure to exchange currency with them is the same as that of banks.
- Go to a forex store and initiate your buy/sell currency transaction.
- Produce the required documents.
- Get the currency exchanged.
Can I sell foreign currency?
Call the main branches of larger banks in your area and ask whether they provide a currency conversion service for the particular foreign currency to be sold back or converted to local currency.
How much cash can I keep at home in India?
Cash Transaction Limit – Section 269ST
Section 269ST imposed restriction on a cash transaction and limited it to Rs. 2 Lakhs per day. Section 269ST states that no person shall receive an amount of Rs 2 Lakh or more: In aggregate from a person in a day; or.
Where anyone can convert the foreign currency?
Your bank or credit union is almost always the best place to exchange currency.
- Before your trip, exchange money at your bank or credit union.
- Once you’re abroad, use your financial institution’s ATMs, if possible.
- After you’re home, see if your bank or credit union will buy back the foreign currency.