What is legitimate Foreign Currency while person travelling foreign.
Manny countries have slowly & steadily opened their doors to foreign tourists after a long period of closure. The last two years have been particular worst for domestic and international travel, whether for education or business. But now that restriction is almost gone. For those who plan and already packed their bags and headed to their destination- a little relief-here is some information on the maximum amount of foreign currency they can take while travelling.
- Calculate Our total expected expenses
Total Expense = Hotel Stays + Flight tickets + Food Prices + Miscellaneous Expenses (Cabs, Bus, Train Fares, Snacks) + Entertainment + Shopping
- Buy Prepaid Forex Travel Card & load 70% of “Total Expense”
When it comes to travelling abroad for studying:
Particularly all universities are open to international students after a long duration due to Covid breakout almost after a long period of 2 years. If you are heading outside of India on a student visa, you can acquire foreign exchange for USD 30000 or more.
Your university’s estimated cost, & If you’re travelling for medical purposes:
You can acquire foreign exchange up to USD 50000 to cover you’re your medical expenses if you are travelling worldwide for medical treatment. An additional USD 25000 can be used to cover travel. Accommodation and travel costs.
When travelling for working/ Employment in abroad:
In case you are travelling outside India under a work permit then you allowed to bring USD 5000 without any prohibitions.
When you wish to give a gift abroad:
If you wish to give your loved and near ones a gift outside of India then you did not have any restrictions up to USD 5000 per annum.
In case you are travelling abroad for vacations or business purposes:
For tourism or for private travels you are eligible to buy up to USD 10000 without taking any grant from RBI. There is no restriction from RBI for the visit to Bhutan and Nepal.
At which point of time person should be purchased Foreign Currency.
Buying of Foreign currency can be done only through Banks who is authorized to deal with Foreign Exchange and Money exchanger.
Buying foreign currency can be done 60 days before the date of the trip and in some other situations if the trip cannot be completed within the time frame, then the foreign currency should be surrendered to the appropriate Banks or money converter.
In case payment is made via International Credit Cards
If you have an international credit card to pay, Indian residents can use overseas credit cards without any restrictions. A person can spend up to the credit card’s spending limit. However, ICC cannot be purchased forbidden things such as lottery tickets, banned as prohibited items so on.
Surrender via Return of Foreign Exchange:
When we can retain foreign coins indefinitely period ?
Foreign coins can be kept indefinitely. You can keep up to USD 2000 in foreign exchange currency, either in the form of a foreign currency note or in the form of a cheque of travellers. Any foreign cash that can be worth more than USD 2000 must be returned within 90 days, and a travel cheque must be returned within 180 days.
Foreign Exchange brought in India:
A person entering India can bring any amount of foreign currency they like, but if the total amount of foreign currency banknotes and a cheque of travellers exceeds USD 5000, they must disclose it to customs at the airport when they arrive in India.
Penalty for Holding or Possession of Foreign Currency in India. Over and above the specified transaction limit:
if any of the foregoing requirements are violated, the person may be subject to a penalty of up to two lakhs or treble the amounts involved. Apart from that authorities, have the power to seize all foreign currency, and if the default continues, the individual may be fined rupees 5000 each day. In addition, violation of foreign exchange operations may result in criminal penalties under the foreign exchange conservation and prevention act of 1974 (COFEPOSA).