1. How to exchange foreign currency in India?
If you don’t want to undergo so much inconvenience, you can buy forex online via ExTravelMoney.com. Compare exchange rates from RBI authorized money changers in your location. Find the best rates and book your order online. You can also request for door delivery of foreign currency!
2. How much foreign currency can I keep in India?
Resident Indians coming back from an abroad trip or received payment/gift in foreign currency in India from a foreigner, are permitted to hold up to US $2,000 or its equivalent as foreign currency notes or traveller’s cheques for as long as they please.
However, if the amount is more than US$ 2000 equivalent, the extra foreign exchange must be surrendered to their bank or to an RBI authorized money changer within 90 days in the case of currency notes and within 180 days in the case of traveller’s cheques. Foreign coins can be held for as long as one wants and is not subject to the US$ 2,000 equivalent limit.
Source : RBI FAQ
3. What are the foreign exchange limits in India for individuals?
The foreign exchange limits in India for resident Indians can be summarized as follows ;
When travelling abroad
1. A resident Indian can carry up to US dollar 3,000 equivalent in any foreign currency notes and a maximum of up to US dollar 2,50,000 equivalent in forex card or traveller’s cheques.
2. A resident Indian in allowed up to Rs 25,000 to be taken out of India.
Money Transfer abroad
A resident Indian under the “Liberalized Remittance Scheme (LRS)” of the “Foreign Exchange Management Act (FEMA)” is allowed to send money abroad up to a maximum US dollar 2,50,000 equivalent per year. Money transfer abroad under “LRS” must be for a purpose permitted by RBI.
When coming to India from abroad
1. A resident Indian can bring in foreign currency to India without any limits. However, ff the value of the foreign currency brought into India, as cash, exceeds USD 5,000 equivalent or if the value of foreign currency brought into India, as cash + traveller’s cheques, exceeds USD 10,000 equivalent, then it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.
2. A resident Indian can bring into India and hold foreign coins without any restrictions. However, please note that foreign coins won’t be accepted for exchange at banks or money changer stores. This is according to RBI rule.
3. A resident Indian can bring into Indian Rs 25,000 without need for declaration. However, if you have accumulated Indian rupee on your trip abroad and have more than Rs 25,000 in cash, then you’d need to declare the amount in customs.
4. What are the documents required for money exchange in India?
The documents required for money exchange in India are;
1. A valid Indian Passport
2. A confirmed air ticket showing travel within 60 days from date of buying currency
3. Valid Visa
4. PAN card (mandatory for forex card)
5. What is the foreign exchange allowed for travel abroad from India?
Foreign exchange in the form of currency notes, prepaid forex travel card and traveller’s cheques are allowed for travel abroad from India. These mediums can be used to carry foreign exchange like US dollar, British pound, Australian dollar, Canadian dollar, Euro, Chinese yuan, Singapore dollar, Thai baht etc.
6. How to exchange foreign currency in Indian banks?
To exchange foreign currency in Indian banks, simply visit a bank where you hold an account. There you can buy foreign currency in exchange of Indian Rupee. To complete the transaction provide the necessary KYC (Know your customer) documents.
With banks however, you’d have to physically visit their branch to know the exchange rates for foreign currencies. Also, you can only do money exchange at the bank where you hold an account. This may be disadvantageous to you if your bank is not offering good rates for money exchange.
Instead buy forex online via extravelmoney. This online forex portal allows you to compare exchange rates and service charges of money changers in your location, online itself. No need to physically visit money changer stores to verify exchange rates. Also, you can book the order online and ensure home delivery of foreign currency.
7. Which bank gives best exchange rates for buying forex in India?
Each bank and each individual branch within a bank in India may offer different exchange rates for buying forex. So it’s not possible to pinpoint to any one bank and say that they give the best exchange rates. Also, currency exchange rates are dynamic and always fluctuating.
However, if you want to get the best exchange rates for forex in India, then simply visit extravelmoney.com online forex portal. Through the portal you can compare the latest updated exchange rates of forex stores in your town or city. That way you can find out which forex store is giving the best rates in your locality. Also, you can lock the exchange rates of a forex store through the portal, complete the transaction online and even get foreign currency door delivered to your home! So much more is possible for you using this digital solution for foreign exchange transaction, that is ExTravelMoney.
8. How many days in advance can a person buy forex for travel abroad?
A person can buy forex at maximum, 60 days before the date of travel. If for some reason the person is not able to use the foreign exchange within the period of 60 days, it must be surrendered to their bank or to an RBI authorized money changer.
9. What is Form A2?
Form A2 is the application cum declaration for making foreign exchange transactions in India. It has to be filled with the complete and correct details by the buyer.
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