How much exchange is available for a business trip?

Persons on business trip can buy from banks foreign exchange up to US$25,000 for travel to any country other than Nepal and Bhutan. Amounts in excess of this require prior permission of RBI.

What is a business trip?

Travel for meeting buyers/ sellers for marketing or other purposes is obviously a business trip. Visits to attend trade fairs, international seminars and conferences, specialized training, study tour etc are also classified under business trip for the purpose of this rule.

What is the minimum and maximum period permitted for a business trip?

The rules do not indicate any time limit. The permitted amount can be drawn irrespective of the length of stay abroad.

What is the amount that can be drawn for the purpose of medical treatment?

The amount permitted in this case is up to USD 100,000. The amount may be spent for actual treatment or maintenance of the patient or his attendant.

What if the amount drawn is not enough to complete the treatment?

Additional foreign exchange can be drawn on the basis of the estimate or recommendation made by the attending doctor or hospital abroad.

How much exchange is available for studies outside India?

The permissible amount is the estimated expenditure given by the educational institution abroad or US$30,000 per academic year, or an amount of US $ 100,000 whichever is higher.

How much foreign exchange can an outbound tourist avail from banks in India?

Any person going abroad on private visits can buy from a bank in India an amount not exceeding USD 5000 per annum. The amount may be drawn for one trip or for several trips during the year.

What if the person is traveling with family?

Foreign Exchange at the rate of USD 5000 can be availed by each member of the family without any age limit.

How many days before travel can one buy foreign exchange from the bank?

Foreign exchange can be bought a maximum of 60 days before the date of travel.

How does one pay the bank the cost of foreign exchange?

Person going abroad for employment can draw foreign exchange up to US $100,000 on self declaration basis.

How much foreign exchange can a person carry while going abroad employment?

The permissible amount is USD 5000 at the time of departure. On further visits he is not eligible draw foreign exchange if he has NRI status. If however the person becomes resident and proceeds on employment again a further amount of USD 5000 can be drawn.

How much foreign exchange is available to a person going abroad on immigration?

Person going abroad for emigration can draw foreign exchange up to US $100,000 on self declaration basis. From an AO in India or an amount prescribed by the country or emigration. This amount is only to meet the incidental expenses in the country of immigration.

In what form can foreign exchange be carried by a person going out of India?

Foreign Exchange can be carried either as bank draft, traveler's cheque or currency note / coin.

Is there any limit on the quantum of exchange that can be taken in different forms?

Yes. Normally a person is allowed to carry currency notes/ coins for a maximum amount of USD 2000 only, the balance being in traveler's cheque or bank drafts. But there are certain exceptions.
Persons proceeding to Iraq, Libya, Iran, Russia and the erstwhile CIS states of USSR are allowed to draw their entire entitlement in currency notes. Students going abroad are allowed to carry only USD 500 in currency notes.

How does one dispose of surplus foreign exchange on return?

An amount of up to USD 2000 can be retained indefinitely by the buyer. Amounts above this should be returned to the bank, within 180 days if currency notes and 180 days if travelers cheques.

Can residents hold foreign currency in any form?

Yes. Any resident Indian can hold foreign currency notes up to USD 2000. There is no restriction on holding of foreign coins.

What is the amount of foreign exchange that can be gifted by an Indian to a person outside India?

The permissible amount is USD 50,000 per annum per donor.

Can International credit cards be used to meet foreign travel expenses by an Indian?

Yes, but within the limit of USD 5000 per annum prescribed under FEMA. The card can also be used to pay magazine subscriptions etc. within permitted limits.

Can travelers carry Indian rupees while going out of India and entering India?

Yes. The amount permitted is Rs 5000 while traveling to or from countries other than Nepal and Bhutan. There is no limit for these two countries.

How much foreign currency can one carry while entering India?

There is no limit however, if the aggregate value of the foreign exchange in the form of currency notes, bank notes or travelers cheques brought in exceeds of US $5000 or it's equivalent, it should be declared to the customs authorities in the Currency Declaration Form on arrival in India.