Forex Rules
Rules for Foreign Exchange
All figures are in US Dollars unless specified
The Annual Cumulative Buying and Selling Limits:
As per RBI rules and regulations, there is a certain 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
|
Cash Limits:
In case you are selling your foreign currency the maximum that you can change during
a year is $10000.
Buy Limit:
An Indian Passport holder can buy Forex in cash of Rs. 50000/- The remaining is
required to be paid in Cheque/Draft/Fund Transfer.
Sell Limit:
One can change Forex worth maximum $ 1000 to cash. If he has more than that he would
be given a cheque/pay order/draft for the remaining.
For e.g. Mr. Srinivasan has USD 1500 to be converted into Indian Rupees, the money
changer can give him Rs. 40000 in cash and Rs. 20000 in cheque for the same, 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.
|
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For encashment in excess of US $ 2000 or its equivalent,
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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:
- Passport Copy for Identification.
- The sale of forex should be made only on personal application and identification.
- Payment in excess of Rs.50,000/- towards sale of foreign exchange should be received
only by account payee cheque
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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.
