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Foreign exchange can be purchased from any authorized person, such as Authorized Dealer(AD) Category - Bank I and AD Category II, Full-Fledged Money Changers (FFMC) are also permitted to release exchange for business and private visits. It is illegal to buy / sell Foreign Exchange from any other unauthorized source.
Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April - March) for any permissible current or capital account transaction or a combination of both. Further, resident individuals can avail of foreign exchange facility for the purposes mentioned in Para 1 of Schedule III of FEM (CAT) Amendment Rules 2015, within the limit of USD 2,50,000 only. If an individual remits any amount under LRS in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted.
Yes, it is mandatory to have PAN number to make remittances under the Scheme.
Individuals can avail of foreign exchange facility for 17 purposes within the limit of USD 2,50,000 only on financial year basis. Main purposes are listed below: 1) Private Visit. 2) Remittance by tour operators/ Travel agents to overseas agents / hotels/principals. 3) Business Travel. 4) Medical Treatment abroad. 5) Crew Wages. 6) Film Shooting. 7) Overseas Education. 8) Emigration and emigration consultancy fee. 9) Visa Fee. (For detailed list please refer RBI Master Direction for Other Remittances)
For private visits abroad, other than to Nepal and Bhutan, any resident can obtain foreign exchange up to an aggregate amount of USD 2,50,000, from an Authorised Dealer or FFMC, in any one financial year, irrespective of the number of visits undertaken during the year. This limit has been subsumed under the Liberalised Remittance Scheme w.e.f. May 26, 2015. If an individual has already remitted any amount under the Liberalised Remittance Scheme in a financial year, then the applicable limit for travelling purpose for such individual would be reduced from USD 250,000 by the amount so remitted
Travellers going to all countries other than Nepal and Bhutan are allowed to purchase foreign currency notes / coins only up to USD 3000 per visit. (Subject to exemptions of few countries (indicative) like Iraq, Republic of Iran, Libya, Russia who have higher currency limits)
A resident of India, who has gone out of India on a temporary visit may bring into India at the time of his return from any place outside India (other than Nepal and Bhutan), currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000
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.
Permissible foreign exchange can be drawn 60 days in advance
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.
Valid Passport, Confirmed Air-Ticket, PAN and Visa copy (except visa on arrival )