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What are the rules regarding Foreign Currency ?
(a) How much foreign currency may be taken out of India ?
Tourists from abroad, while leaving India are allowed to take with them foreign currency not exceeding an amount brought in by them at the time of their arrival in India. As no declaration is required to be made for bringing in foreign exchange / currency not exceeding equivalent of U.S. $ 10000 (see (b) below), generally tourists can take out of India with them at the time of their departure foreign exchange /currency not exceeding the above amount. The export of foreign currency by tourists is otherwise prohibited.
Resident Indian citizens visiting abroad in connection with private visits to countries other than Nepal and Bhutan, for tourism purposes, private travel etc., foreign exchange up to US$10,000, in any one calendar year may be obtained from an authorised dealer on the basis of self certification. The ceiling of US$10,000 is applicable in aggregate and foreign exchange may be obtained for one or more than one visits provided the aggregate foreign exchange availed of in one calendar year does not exceed the prescribed ceiling of US$10,000 (The facility was earlier called B.T.Q or F.T.S.). This US$10,000 (BTQ) can be availed of by a person alongwith foreign exchange for travel abroad for any other purpose, including for employment or immigration or studies. However, no foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.
(b) How much foreign currency may be brought into India ?
Any person can bring into India from a place outside India foreign exchange without any limit. However, declaration of foreign exchange/currency is required to be made in the prescribed Currency Declaration Form (CDF) before Customs in the following cases:-
(a) Where the value of foreign currency notes (cash) exceeds US$ 5000/- or equivalent
(b) Where the aggregate value of foreign exchange (in the form of cash + bank notes, traveler cheques etc.) exceeds US$ 10,000/- or its equivalent.
For some important additional information, please go through the FAQ published by the Reserve Bank of India.
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