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Forex limits in India for Individuals

Private Travel
Foreign exchange up to US$ 10,000 is permissible in any calendar year for tourism or private travel to any country other than Nepal and Bhutan on the basis of self-certification. When traveling to Nepal and Bhutan, you can carry as much Indian currency as you wish, except currency notes with denominations of Rs.100 and above.

Study Abroad / Medical treatment abroad / Employment abroad / Emigration / Maintenance of close relatives abroad
Foreign exchange up to US$ 100,000 is permissible on the basis of self-certification. For students the limit of $100,000 is applicable for each academic year. For medical treatment in addition to $100,000, foreign exchange up to US$ 25,000 can be taken for meeting boarding/lodging/travel expenses of the patient and also for the accompanying attendant on self-certification. Amounts in excess of the limits can be released on basis of documentary evidence of requirement.

Remittance for Miscellaneous Purposes up to US $25000
A.P Master Circular No. 6/2013-14 dated 1st July 2013, remittances can be made up to US$ 25000, for any miscellaneous purpose, without furnishing documents other than the Application Form

Form 15 CA CB Mandatory for FX Transaction
1st October 2013, as per the circular no. 2659(E) dtd 2nd Sept. 2013 from Ministry of Finance, for certain FX and Trade transactions, Submission of Form No. 15CA and CB has been made mandatory in most purposed on Fx transaction - Contact your branch for further details.

Surrender of Foreign Exchange on Return
Foreign exchange up to US$ 2,000, in the form of foreign currency notes or travellers' cheques (TCs) can be retained indefinitely for future use. Amounts in excess of $2000 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
A.P Circular 24,dated 14th August 2013, RBI have reduced the Limit under Liberalised Remittance is any form of money transfer or payment done from one's working country to home country. Depending on the difference in currency rates and the amount to be transferred, the charges on remittance are also different. Scheme for Resident from USD 200,000 to USD 75,000.
On a review of the scheme, it has now been decided to reduce the existing limit of USD 200,000 per financial year to USD 75,000 per financial year (April - March) with immediate effect. Accordingly, AD Category - I banks may now allow Remittance is any form of money transfer or payment done from one's working country to home country. Depending on the difference in currency rates and the amount to be transferred, the charges on remittance are also different. up to USD 75,000 per financial year, under the scheme, for any permitted current or capital account transaction or a combination of both.

Eligibility:
All Resident individuals are eligible to avail of the facility under the scheme. This facility is not available to Corporates, Partnership firms, HUF, Trusts etc.

Purpose:
This facility is available for making remittance is any form of money transfer or payment done from one's working country to home country. Depending on the difference in currency rates and the amount to be transferred, the charges on remittance are also different. up to USD 75,000/- per financial year for any current or Capital account transactions or a combination of both.
•    Under this facility, Resident Indians will be free to acquire and Hold shares or any other asset outside India without prior approval of the Reserve Bank of India.
•    Individuals will also be able to maintain and hold foreign currency accounts with a bank outside India for making remittances under the scheme without prior approval of the Reserve Bank of India. The foreign currency account may be used for conducting transactions connected with or arising from remittances eligible under the scheme.
•    Resident individuals have now been allowed to set up Joint Ventures (JV) / Wholly Owned Subsidiaries (WOS) outside India for bonafide business activities outside India within the limit of USD 75,000 with effect from August 5, 2013 and subject to the terms and conditions stipulated in Notification No.FEMA 263/RB-2013 dated August 5, 2013

The scheme should no longer be used for acquisition of immovable property, directly or indirectly, outside India. Therefore, AD Category-I banks may henceforth not allow any remittances under the LRS Scheme for acquisition of immovable property outside India.

•    Please note that 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.

Remittance for the following purpose are prohibited:
•    Purchase of lottery/sweep stakes, tickets proscribed magazines etc) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000.
•    Remittances made directly or indirectly to Bhutan, Nepal, Mauritius or Pakistan.
•    Remittances made directly or indirectly to countries identified by the Financial Action Task Force (FATF) as "non co-operative countries and territories"
•    Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.
•    Remmitance for purchasing an immovable Property abroad

Important points to note:
Out of the overall foreign exchange being sold to a traveller, exchange in the form of foreign currency notes and coins may be sold up to the limit indicated below:
•    Travellers proceeding to countries other than Iraq, Libya, Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States - not exceeding USD 3000 or its equivalent.
•    Travellers proceeding to Iraq or Libya - not exceeding USD 5000 or its equivalent
•    Travellers proceeding to Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States - full exchange may be released **Not applicable for travel to Nepal & Bhutan