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Rbi Guidelines for Foreign Exchange

People travel all around the world and when they land up in a foreign country they require that particular country’s currency in order to buy goods and services. Here foreign exchange comes into the picture, which helps you in exchanging the currency of one country into that of another. The largest and the most liquid financial market in the world is the foreign exchange. Here are some international currency exchange guidelines that are to be followed in India. When going on a leisure trip abroad, the maximum amount of foreign currency that can be taken is USD 25,00,00 per traveller in a single financial year. Out of that, only $3000 can be carried as cash. The remaining balance should be carried around as traveller’s cheques, forex cards and remittances. But when on a trip to Nepal or Bhutan for any purpose, no forex currency exchange will be available.

  • When going on a leisure trip abroad, the maximum amount of foreign currency that can be taken is USD 25,00,00 per traveller in a single financial year. Out of that, only $3000 can be carried as cash. The remaining balance should be carried around as traveller’s cheques, forex cards and remittances. But when on a trip to Nepal or Bhutan for any purpose, no forex currency exchange will be available.
  • The documents that are required when purchasing foreign currency are a valid visa, passport and a confirmed air ticket.
  • You can use traveller’s cheques on your trip. They can be encashed or used at banks, hotels, restaurants, bureaus, shops and other establishments. They can be used in over 400,000 locations spread across 200 countries. With a traveller’s cheque, your trip can be hassle-free and convenient.
  • When you buy forex, it must be purchased 45 days prior to the date of travel.
  • When you are in a foreign country, the maximum amount that you can carry around as cash is $3000. You can also carry a forex card when on your trip.
  • Traveller’s cheque can be used anytime as it has no validity period. If you were unable to use the traveller’s cheque in your previous trip, you can use them in your next trip.
To know another Foreign Currency Exchange Guidelines in India, visit source blog.
Source: https://yourexpertguide.wordpress.com/2019/04/29/foreign-currency-exchange-guidelines-in-india/
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