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Foreign exchange being purchased for travel abroad?

26 Jan

Q. Can one pay by cash full rupee equivalent of foreign exchange being purchased for travel abroad?

Ans.  Foreign exchange for travel abroad can be purchased from an authorized person against rupee payment in cash only 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/ debit card / credit card / prepaid card only.

Q. Is there any time-frame for a traveller who has returned to India to surrender foreign exchange?

Ans.  On return from a foreign trip, travellers are required to surrender unspent foreign exchange held in the form of currency notes and travellers cheques within 180 days of return. However, they are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.

 
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Posted by on January 26, 2012 in Uncategorized

 

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