Skip to main content

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.


Comments

Popular posts from this blog

How Buy Foreign Currency in Cheap Way

Increase in population has made international tourism in India a bright industry. However, Indian travelers have forgotten the crucial aspect of foreign exchange . Here are a few hacks one should consider to ensure  best value for their money, while traveling to other countries on business or leisure. Say no to the counters at airports: The foreign exchange counters at airports provide a premium of 10 to 13% over the usual exchange rates , and this will only reduce the amount of currency one has at their disposal during their trip. A foreign exchange counter at airports is simply waiting to exploit a desperate traveler. So be smart and buy foreign currency 3-7 days before the travel, and stay away from the foreign exchange counters at airports. Compare: Forex rates change on a dynamic scale and some agencies will hardly keep up with these variations. Not understanding the dynamics of forex can make one get a...

Benefits of Using a Travel Money Card Over Using Your Own Credit Card

Planning to travel overseas, and wondering what’s a better option, your credit card or a travel money card? You don’t have to keep rushing to money exchange locations for every transaction when you are abroad; instead carry a multi-currency forex card, especially if you are travelling to multiple countries, within Europe, for example. The options are plenty; you could carry a HDFC bank forex card, an ICICI bank forex card or an Axis bank multi-currency card. You don’t have to constantly worry about money exchange , and instead carry a small amount of foreign exchange from India. Read on for more on the benefits of using a travel money card over your credit card. One of the biggest benefits is that by getting a forex/travel card you are safe from the fluctuations in the currency value; the value of currency you are loading on that specific day will remain the same throughout your trip. This means you don’t have to constantly fret over changing...

Know How Exchange Rates Work and What Affects Them?

Planning to travel abroad anytime soon? Then, you would definitely need to brush up on forex currency exchange and currency exchange rates. You would need to know how to buy forex and also look up the best money exchange locations . Before that, it helps to understand what international money exchange is all about. Essentially, foreign exchange rate is the amount or value of one currency vis-a-vis the other. What is the worth of one unit of your currency in another country’s unit of currency? So, if your country’s currency is the rupee, and you are travelling to the US, for example, what is the worth of a rupee in relation to the US dollar, and how many rupees would you need to shell out to convert it into one US dollar? That is what you would need to understand when you head out to buy forex. Foreign exchange is also the world market where currencies trade. The US dollar is still considered the dominant currency across the world, and many a time, currency exchan...