Frequenty Asked Questions
- We by Reserve Bank Of India to Buy & Sell foreign currencies /Travel Cards/ Travelers Cheques.
- Any persons arriving in India can bring in foreign currencies without limit provided if a person is carrying more than 5000 USD currency notes or more than 10,000 USD,Travelers Cheques then he has to declare on a Currency Declaration Form - (CDF). This also allows foreigners & Non residents to take back the currency while they depart from India .
- Under the liberalized Remittance scheme 2,50,000 USD or equivalent can be released for all resident individuals including minors per financial year( April to March). Full fledged money changers are also permitted to release exchange under Business & Private Visit provided the total exchange released doesn’t exceed USD 2,50,000 including any remittances made for education purposes Family Maintenance, Migration, Medical, Employment Etc.
- For Sale of foreign currencies & Traveler cheque the travelers should submit the Passport copy, Ticket copy & Self declaration. Foreign currency will be issued up to 3,000 USD in currency notes and the balance will be released in the form of Traveler cheque & traveler Card. Except for Passengers travelling to IRAN,RUSSIA & CIS Countries. The entire amount of foreign currencies can be released in currency notes. For passengers traveling to IRAN & LIBYA USD 5,000 can be released in foreign currency & the balance can be released in Traveler Cheques /Travel Cards.