Forex Rules
Rules for Foreign Exchange
All figures are in USDollars unless specified
The Annual Cumulative Buyingand Selling Limits:
As per RBI rules and regulations, there is acertain annual limit/quota restriction
on buying of Foreign Currency.
These are as follows:
|
Purpose of Travel
|
Annual Quota
|
|
Business Visits
|
$25,000
|
|
Holiday
|
$10,000
|
|
Medical
|
$100,000
|
|
Studies
|
$100,000
|
|
Career/Immigration
|
$100,000
|
In case you are selling your foreign currency themaximum that you can change during
a year is $10000.
Cash Limits:
Buy Limit:
An Indian Passport holder can buy Forex in cashof Rs. 50000/- The remaining is required
to be paid in Cheque/Draft/FundTransfer.
SellLimit:
Onecan change Forex worth maximum $ 1000 to cash. If he has more than that hewould
be given a cheque/pay order/draft for the remaining.
For e.g. Mr. Srinivasan has USD 1500 to be converted into Indian Rupees, themoney
changer can give him Rs. 40000 in cash and Rs. 20000 in cheque for thesame, at a
rate of Rs. 40 per dollar.
Documentation Requirements:
ENCASHMENT
|
|
|
|
For purchase of foreign exchange less than US $ 200 or its equivalent
|
Photocopies of the identification document need not be kept on record. However,
full details of the identification document should be maintained.
|
|
For encashment of foreign exchange between US $ 200 and US $ 2000 or its equivalent
|
The photocopies of the identification document should be maintained for one year
and completion of statutory audit.
|
|
For encashment in excess of US $ 2000 or its equivalent,
|
The photocopies of the identification
document should be maintained for a minimum period of five years.
|
|
|
Requests for payment in cash by foreign visitors / Non-Resident Indians may be acceded
to the
extent of US $ 2000 or its equivalent.
|
|
For encashment above $5000 of foreign currency in cash.
|
A Customs Declaration Form submitted at Airport needs to be additionally produced.
|
SALE:
1. Passport Copy forIdentification.
2. The sale of forex shouldbe made only on personal
application and identification.
3. Payment in excess of Rs.50,000/- towards
sale of foreign exchange should be received only by accountpayee cheque /
About Us
Welcome to BuyNowForex.com! Your favorite Online Foreign Exchange Bureau!!!
Make an Instant Online Order | Get Best rates | Get Free and Instant Door Delivery*
BuyNowForex.com
is the smartest thing to have happened for the frequent & busy traveler. Now,
get quick and most competitive rates coupled with matchless service at the click
of a mouse.
- Chat with our expert;
- Track daily market rates;
- Get updated with the latest in Forex news,
- Read tips and tricks to save costs
and much more…wherever you are, whenever you want!!!<
BuyNowForex.com is a part of the Bonsai International Group of Companies,
a financial services group with interests in Money Changing, Remittance and Insurance
Broking Services. Our long-term vision has always been to provide technology and
innovation leveraged solutions to customers.
Our website
www.InsuranceMall.in, India’s
First Neutral Online Insurance Comparison website, says it all…
So go on, change world currency at BuyNowForex.com and make intelligent
savings NOW!!!
General Terms
Types of Foreign Exchange
There are 3 types of Foreign Currency that one can carry
Cash:
Though, this is the most convenient mode of carrying foreign currency, this is
the most unsafe also, as Similar to the local currency, there is no way to retrieve
the value, in case you lose it.
Travelers Cheques:
The traditionally widely accepted Travelers Cheque is a
preprinted, fixed-amount cheque designed to allow the person signing it to make
an unconditional payment against something he has bought. Value on Travelers Cheques
lost, can be retrieved as per the process of the issuing bank. Currently only American
Express Bank issues Travelers Cheques in India.
Prepaid Travel/Forex Card:
Prepaid Travel Card is like a regular Prepaid Debit Card. You can swipe the card
at VISA/Master accepted locations across the world. At a small fee per transaction
you can also withdraw money from VISA/Master ATMs across the world.
The cards are more convenient as they are electronic and more secure, as they
are password [PIN] enabled. The Cards are available in all leading currencies.
Buy Rate and Sell Rate on the Card:
Buy and Sell terms in the Card rate are from the Money Changer’s point of view.
So,
Buy rate means – the rate at which he will buy your currency.
Sell rate means – the rate at which he will sell you the required currency.
