You can indefinitely retain foreign exchange upto US$ 2,000, in the form of foreign currency notes or travellers’ cheques (TCs) for future use. Any foreign exchange in cash in excess of this sum, is required to be surrendered to a bank within 90 days and TCs within 180 days of return.
Can you keep foreign currency in India?
A resident of India can open, hold and maintain foreign currency accounts in and outside India. … A person resident in India can open a foreign currency account in India with an authorised dealer. It is opened, held and maintained in the form of a current or savings or term deposit account.
Is keeping foreign currency a crime?
You should always be careful to surrender your forex amount after making a trip to abroad. Keeping foreign currency is a serious violation of the FEMA Act and could entail one landing in jail as well.
Can we keep US dollars in India?
At present, a resident in India is permitted to retain up to $2,000 or its equivalent in cash and/or travellers cheques provided the foreign exchange has been acquired through legal channels.
How much foreign currency can an NRI carry to India?
In short, you can carry foreign currency notes (cash) up to 5000 USD without declaring to customs and any amount of foreign exchange after declaring to custom when you arrive in India.
Do Indian banks accept foreign currency?
Exchange foreign currency in Indian banks
With the foreign currency in hand visit your bank where you hold an account. For example, if you are an SBI bank account holder, you can exchange foreign currency in SBI.
How can I transfer foreign currency to Indian account?
The process is fairly simple. Visit your bank branch in India and initiate a sell foreign currency request. For amounts below Rs 50,000 in value, the money can be exchanged and given back directly as cash to the customer. For amounts above Rs 50,000, the amount will be credited to the customer’s bank account.
What is the limit of foreign currency?
Travellers are allowed to purchase foreign currency notes/coins only up to US$ 2000.
Can we keep foreign currency at home?
Retention of Foreign Coins
You can retain foreign coins indefinitely without any limit.
What can I do with unused foreign currency?
What to do with leftover foreign currency
- Convert it back but play the seller’s waiting game. …
- Sell online via a currency marketplace. …
- Load money onto a Mastercard debit card. …
- Sell to family and friends. …
- Gift to charity. …
- Two more tips for future holidays. …
- Buy back guarantees. …
- Consider a prepaid card.
How much cash can a person carry legally in India?
Residents of India are allowed to carry up to Rs. 25,000 though. There’s no limit, however, to how much foreign currency you can bring into India. Although, you will have to declare it if the amount exceeds US$5,000 in notes and coins, or US$10,000 in notes, coins and traveller’s cheques.
How much cash can I keep at home in India?
Media reports said that the government would set a limit on the amount of cash that can be kept at home. The limit was speculated to be between Rs 3 to15 lakhs.
How many dollars can I carry from India?
What is the legal limit to carry US dollar from India to USA? The legal limit to carry cash currency in US Dollars from India to USA is USD 3000 per person per trip. However, you can carry up to US $10,000 in form of currency notes, Travelers check, etc. without declaring it at the customs.