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Forex Guidelines & Rules by Reserve Bank of India


Planning on a foreign holiday and making arrangements? You must have wondered about forex currency exchange by now. Are you wondering whether to buy foreign currency notes but don’t know how to go about it? Read on for a guide on what are the international currency exchange rules that apply in India as per the Reserve Bank of India (RBI), before you get currency exchange.
  • How much can you carry? If you are travelling to any foreign country, you can seek forex currency exchange of up to US $2,50,000 from an authorised dealer in one financial year. This applies to business or leisure travel, emigration, education or even employment. You could be visiting a country for a seminar, training, study tour, and you would be treated as a business traveller. If you plan a private visit to a foreign country for tourism, you will still be able to draw up to US $2,50,000 for a financial year for your visits abroad, irrespective of the number of visits. Also, it is valid for countries except Bhutan and Nepal.
  • According to the RBI’s guidelines, you can buy foreign currency notes any time before 60 days of your travel date till the last date of that journey. You can buy during that 60-day period so you can get the best rates. You would need to provide appropriate documentation such as a valid visa and flight tickets.
  • Once you return to India, you can get your international currency exchange done at an authorised vendor. You can surrender what you have been holding on to so far in the form of cash within 180 days of your return. You can also hold on to the foreign exchange up to US$2,000 for use in the future.
If you want to know other Guidelines & Rules on Foreign Exchange in India, Visit source blog.
Source: https://yourexpertguide.wordpress.com/2018/07/09/what-are-the-guidelines-rules-on-foreign-exchange-in-india/


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