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Foreign Exchange And TC

HomeForeign Exchange And TC

Is there any purpose for which going abroad requires prior approval from RBI or Govt. of 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.

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 US$2,000, in form of foreign currency notes or TCs for future use.

How many days in advance can one buy foreign exchange for travel abroad?

Permissible foreign exchange can be drawn 60 days in advance. In case it is not possible to use the foreign exchange within the period of 60 days, it should be immediately surrendered to an authorized person. However, residents returning from their trip are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes or TC’s for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.

On return to India can one retain some foreign exchange?

Residents are permitted to hold foreign currency up to US$2,000 or its equivalent provided the foreign exchange was acquired for either of the following reasons acquired 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 acquired 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 acquired by way of honorarium or gift while on a visit to any place outside India acquired from an authorized person for travel abroad and represents the unspent amount thereof

Is one required to surrender foreign coins also to an authorized dealer?

There is no restriction on residents holding foreign coins.

While coming into India how much foreign exchange can be brought in by NRIs?

An NRI coming into India from abroad can bring with him foreign exchange without any limit provided if foreign currency notes, travellers cheques, Prepaid Forex Card 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.