Dealings in foreign exchange transactions in India is governed by the Foreign Exchange Management Act, 1999. In this article, we have explained that How much currency can a person take with him while travelling abroad and in which form.
- Total Foreign Currency remittance from India is allowed upto USD 2,50,000 per financial year under Liberalized Remittance Scheme (LRS).
- In terms of FEMA Guidelines, Tourists/ Travellers going abroad are allowed to purchase foreign currency notes / coins only up to USD 3000 per visit.
- The Balance amount can be carried in the form of store value cards, travellers cheque or banker’s draft.
- Travellers proceeding to Iraq and Libya can carry foreign exchange in the form of foreign currency notes and coins upto USD 5000 or its equivalent per visit
- Travellers going to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States can take entire foreign exchange (up-to USD 250,000) in the form of foreign currency notes or coins.
- Travellers going for Haj/ Umrah pilgrimage, full amount of entitlement (USD 250,000) in cash or up to the cash limit as specified by the Haj Committee of India, is permitted.
- Purchase of Foreign Currency in cash is allowed upto Rs.50,000 only. If purchase of foreign exchange is above Rs.50,000, entire amount can be apid by way of cheque/ DD/ Pay Order/ Credit/ Debit Card.
- Traverllers may use International Debit Cards (IDC) and International Credit Cards (ICC) during travel abroad, which are issued by Authorised Dealers.
- IDCs can be used only for permissible current account transactions and the usage of IDCs shall be within the LRS limit.
- Unused foreign currency is required to be surrendered within 180 days of return from aborad. But Foreign currency upto USD 2000 may be retained in the form of currency notes or Traverller Cheque.
- 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.