RBI Norms
RBI Guide Lines On Eligible Foreign Exchange For Travel Abroad
Facilities for Residents Individuals:
- Tourism (BTQ) - a traveller going abroad is entitled to foreign exchange up to USD 10,000 in any calendar year for tourism or private travel to any country other than Nepal and Bhutan. When travelling to Nepal and Bhutan. Of this amount up to USD 3000 can be availed as foreign currency notes.
- Business - one can avail Foreign Exchange up to USD 25000 per year apart from the above. However Foreign currency notes disbursed for all purposes put together should not exceed USD 3000 or equivalent.
Education Abroad / Medical treatment abroad / Employment abroad / Emigration / Maintenance of close relatives abroad :
Foreign exchange up to USD 100,000 is allowed on the basis of self-certification. For students the limit of USD 100,000 is applicable for each academic year. For medical treatment in addition to USD 100,000, as stated above, foreign exchange up to USD 25,000 can be taken for meeting boarding/lodging/travel expenses of the patient and also for the accompanying attendant on a declaration. Amounts in excess of the limits can be released on basis of documentary evidence of the requirement.
International Credit Cards
- Towards expenses or making purchases while abroad without any limit.
- Spending in foreign exchange for purchase of books and other items through the Internet.
Surrender of Foreign Exchange on Return
Foreign exchange up to USD 2,000, in the form of foreign currency notes or Travellers' Cheques (TCs) can be retained indefinitely for future use. Amounts in excess of USD 3000 have to be surrendered to a bank within 90 days and TCs within 180 days of return or credited to RFC (D) account. Foreign coins can be retained indefinitely without any limit.
Liberalized Remittance Scheme of USD 200,000/- for Resident Individuals
Resident Individuals may remit up to USD 200,000/- per financial year for any current or Capital account transaction or a combination of both subject to Reserve Bank’s rules in this regard.
This facility is available for making remittance up to USD 200,000/- per financial year for any current or Capital account transactions or a combination of both.
This facility is available in addition to those already available for private travel, business travel, donations, studies abroad, medical treatment etc. as described in the Schedule III of FEMA (current account transactions) Rules 2000.
Cash payment maximum amount as permitted by RBI:
- Indian Citizens- Equivalent to USD 1000 / INR 50000
- NRIs and Foreign Nationals- Equivalent to USD 3000. Beyond these amounts payment will be made by cheque.
- If the total value of foreign exchange (currency notes and instruments put together) encashed exceeds USD 10,000 or currency alone exceeds USD 5,000, CDF is required (CDF- Currency Declaration Form). (Encashment certificate would be issued to NRIs and Foreign Nationals who are eligible to repatriate)
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