!!!!Foreign Exchange Rules for Indians !!!!

[accounts]

Pls note there is differnence between Foreign Exchange & Foreign Currency

Foreign Currency means: Currency Notes & Coins
Foreign Exchange MEans: Currency Notes, Coins, Cheques, DDs, Traveller cheques (hence it is wider term)


Persons going abroad for immigration can draw foreign exchange upto USD 100,000/- based on a simple declaration from the customer in addition to submission of an application form and Form A2 as per the recent liberalisation policy of The Reserve Bank of India.

Travellers are allowed to purchase foreign currency notes/coins only up to US$ 3000. Balance amount can be taken in the form of Traveller's Cheque, banker's draft or Forexplus card. Exceptions to this are (a) travellers proceeding to Iraq and Libya can draw foreign exchange in the form of foreign currency notes and coins not exceeding US$ 5000 or its equivalent; (b) travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States can draw entire foreign exchange released in form of foreign currency notes or coins.


The foreign exchange acquired for any purpose has to be used within 60 days of purchase. In case it is not possible to use the foreign exchange within the period of 60 days it should be surrendered to an authorised dealer.

Any person resident in India under the liberalised remittance scheme can remit upto US$ 200,000 in an finanacial year as a gift to a person residing outside India or as donation to a charitable / educational / religious / cultural organisation outside India. This remittance can be done only under the liberalised remittance scheme and is meant for individual only


An NRI coming into India from abroad can bring with him foreign exchange without any limit provided if foreign currency notes, travellers cheques, Forexplus Card exceed US$ 10,000/- or its equivalent and/or the value of foreign currency exceeds US$ 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.



Any exceptions can be approved by RBI

 

[explorer101]

Do go further by explaining what immigrants can take from India.

 

[charninder]

Do go further by explaining what immigrants can take from India.

Yes, this is a vital point and can be easily answered by persons just landed in Canada.

 

[docmisty]

hi,
We are new immigrants from India, planning to carry 7000 CAD in cash and the rest as bank draft & forex card . Now, one our friend's family has requested us to carry 5500 CAD in cash to hand over to their son in Canada. Is it legal to take cash on other's behalf from India to Canada? What do we need to look into at the emigration/airport customs [India] and port of entry [Canada].
Please help.

 

[Bs65]

hi,
We are new immigrants from India, planning to carry 7000 CAD in cash and the rest as bank draft & forex card . Now, one our friend's family has requested us to carry 5500 CAD in cash to hand over to their son in Canada. Is it legal to take cash on other's behalf from India to Canada? What do we need to look into at the emigration/airport customs [India] and port of entry [Canada].
Please help.

Well the first thing is that given you will cross the 10000 cdn limit with the cash plus the bank draft you will need to declare the fact to CBSA else risk all being seized. How will you answer any question to whether the 5500 cdn is yours or proof where it came from will you mislead CBSA ?

I cannot answer whether legally is an issue given these days there are so many money laundering rules but if were me I would not take any responsibility for anyone else’s cash, especially a friend of a friend and even more so if there is any chance how ever small it could complicate my landing.

These days it is easy and secure to send bank transfers country to country so if were me I would politely refuse simply on the basis you do not want to add any complication to your landing.

 

[docmisty]

Thank you Bs65 ...