Q 1. Is it advisable to carry foreign exchange in cash while abroad ?Ans: Yes, it is advisable to carry a small value of your Forex in the form of currency notes so you have cash for immediate expenses like hiring cab, buying meal etc.
Q 2. How much foreign currency can be carried in cash for traveling abroad ?Ans: Travelers going to all countries other than (a) (b) and (c) below are allowed to purchase foreign currency notes / coins only up to USD 3000 per visit. Balance amount can be carried in the form of store value cards.
Q 3. How much Indian currency can a person carry while going abroad ?Ans: A resident Indian can take Indian rupee outside India (other than to Nepal, Bhutan, Pakistan and Bangladesh) as currency notes up to an amount not exceeding Rs. 25,000 per person.
Q 4. How much foreign exchange can be brought in while visiting India ?Ans: A person coming into India from abroad can bring with him foreign exchange without any limit. However, if the aggregate value of the foreign exchange in the form of currency notes, bank notes or travelers cheques brought in exceeds USD 10,000 or its equivalent and/or the value of foreign currency alone exceeds USD 5,000 or its equivalent, it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.
Q 5. Can one pay by cash (rupee) equivalent of foreign exchange being purchased to travel abroad ?Ans: Foreign exchange for travel abroad can be purchased from an authorized person against rupee payment in cash below Rs. 50,000/-. However, if the sale of foreign exchange is for the amount equivalent to Rs 50,000/- and above, the entire payment must be received only by a crossed cheque/RTGS/NEFT drawn on the applicant’s bank account.
Q 6. 6.Is there any time-frame for a traveler who has returned to India to surrender foreign exchange ?Ans: On return from a foreign trip, travelers are required to surrender unspent foreign exchange held in the form of currency notes and travelers 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.
Q 7. What are the documents required for buying foreign currency ?Ans: Form A2, application cum declaration, Copies of a valid Passport, Current address proof, Confirmed return air ticket, Visa if available otherwise declaration on the same and PAN card are required for buying foreign currency.
Q 8. How many days in advance can a person buy foreign exchange for travel abroad ?Ans: Permissible foreign exchange can be drawn 60 days in advance. In case it is not possible to use the foreign exchange within the period of 60 days, it should be immediately surrendered.