Foreign Currency Exchange in Delhi

FAQs

• What is the maximum amount of Foreign Exchange that can be carried for a Foreign Trip?

  The maximum amount that is mandated to be carried for a foreign trip is $25000 irrespective of the nature of the trip. Out of those $25000 the maximum amount of hard cash should be $3000 the rest in the form of forex cards, Remittances, or secured checks. No unfamiliar trade is accessible for a visit to Nepal or potentially Bhutan for any reason.

• How should one Pay for the Purchased Forex?

  For sums up to Rs 50000 any mode of payment is OK like Cash or electronic transfers (like Net banking, IMPS, RTGS, NEFT, UPI etc) or account payee cheques (subject to realisation) etc. But if the amount exceeds Rs 50000 then the customer is obliged to pay it either in electronic forms like (like Net banking, IMPS, RTGS, NEFT, UPI etc.) or account payee cheques (subject to realization) or Demand draft/Payorder (Subject to the banks authorization of its clearance)

• How much Foreign Exchange Money is accessible to a Person Aiming to go Abroad for Employment Purposes?

  Ideally a person moving abroad for employment or business purposes can access upto $250000 from any authorized forex dealer under the LRS (i.e liberalized remittance) scheme. But if the person has already accessed or transmitted some money under LRS scheme on or before 26/5/2015 then in that case the amount so transmitted would be automatically deducted from the $250000 standing corresponding to the person’s LRS account and the balance transmitted.

• What is the maximum amount of Foreign Currency available to an Immigrant from India to Abroad?

  Any person traveling abroad can draw foreign currency subject to the conditions under AD category 1 and AD category 2 put in place by the displacing country or a maximum amount of $250000. This sum is just to meet the incidental expenses in the nation of resettlement or emigration. This amount is fixed by the country to which the person is emigrating. The sum ought to be utilized for overseas interest in government bonds or enterprises. This amount can’t be remitted outside India to get qualified for getting points.

• What is the Maximum limit of Foreign Exchange Transactions that you can do in a Month?

  For transmitting cash abroad, there is a limitation of $2,50,000 per annum with no restriction on number of exchanges. For purchasing or selling cash, the client can do N number of exchange transactions in a month as long as it stays under the limitation of $3000 (buying cash—for resident indians) and $5000 (Selling cash - for resident Indians) individually. For NRIs and Foreigners, the limitation pertaining to buying and selling of cash as mentioned above does not apply.

• Is Pan card necessary for Selling Forex?

  PAN card is mandatory for transactions above Rs. 50000. For forex sell transactions above USD 5,000 or it’s equivalent in others currencies, foreigners/NRIs have to produce the currency declaration form (CDF) form which can be obtained from Airport Customs Authorities.

• Which of the documents are required to get foreign exchange?

  The customer has to upload the scan copy of following documents—Passport (Front and back page), Visa (Not applicable if VISA is on arrival) E-Ticket. Delivery Address Proof. (For primary traveler) Admission confirmation letter. (If travelling on student visa) Please note: Per regulatory norms, it is mandatory to show original documents for verification at the time of delivery. So please keep them handy.

• What is the Maximum Time limit within which the Forex Cash be delivered?

  If the forex dealer gets the exchange request and corresponding payment in domestic currency through specified mode before 12 noon of the day then the exchanged currency would be delivered to the customer on the same day itself. But due to any reason or force majeure the exchange request doesn’t get fulfilled on the same day then the customer is duly intimated about the delay, the reasons henceforth and accordingly the exchange transaction takes place on the following day or the next working day.