1. What is the Forex entitlement for a business trip?
You can avail foreign exchange up to US$25,000 from Solidus Forex or any authorized dealer, for a business trip to any country other than Nepal and Bhutan. Prior permission from Reserve Bank is required for release of foreign exchange exceeding US$25,000 for a travel abroad (other than Nepal and Bhutan) for business purposes, irrespective of period of stay. Visits in connection with attending of an international conference, seminar, specialized training, study tour, apprentice training, etc., are treated as business visits.
2. What is the Forex entitlement for a holiday trip?
In connection with holiday trips abroad, foreign exchange up to US$10,000, in any one financial year may be obtained from Solidus Forex or any authorized dealer. The entitlement of US$10,000 is applicable in aggregate and foreign exchange may be obtained for one or more than one visits provided the prescribed ceiling of US$10,000 is not exceeded in one financial year. This US$10,000 (BTQ) can be availed of by a person along with foreign exchange for travel abroad for any purpose, including for employment or immigration or studies. However, no foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.
3. How much Foreign Exchange can be purchased in foreign currency notes?
Travellers are allowed to purchase foreign currency notes / coins only up to US$3000. Balance amount can be taken in the form of traveller's cheques or Prepaid Forex Card (maximum value US$10,000). Exceptions to this are (a) travellers proceeding to Iraq and Libya can draw foreign exchange in the form of foreign currency notes and coins not exceeding US$5000 or its equivalent. (b) Travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States can draw entire foreign exchange released in form of foreign currency notes or coins.
4. How much in advance can one buy foreign exchange?
Foreign exchange must be utilized within 60 days of purchase. In case it is not utilized within this period, it should be surrendered to Solidus Forex or any other authorized dealers.
5. How can one pay for the foreign exchange?
For business travel, foreign exchange can be availed against the company cheques. For BTQ, settlement can be need entirely by cash up to a maximum of Rs.50,000/- or by cheque/ Demand draft. Part payment by cash / cheque / demand draft is not permitted.
6. What can one do with unutilized foreign exchange after the trip?
Foreign Exchange upto US$2000/- in the form of foreign currency notes or travelers cheques can be indefinitely retained. In excess of this sum, foreign cash to be surrendered within 90 days and T/C to be surrendered within 180 days of return. Any amount in excess of US$2000 can also be credited to RFC (D) Account.
7. Can one bring foreign exchange into India?
Foreign exchange in cash upto US$5000 and or cash plus travellers cheques upto a value of US$10,000 can be brought into India. Cash and travelers cheuqes exceeding the above limits should be declared to custom at the airport in the Currency Declaration Form (CDF) on arrival in India.
8. Is there any purpose for which going abroad requires prior approval from the Reserve Bank or Govt. of India?
Dance troupes, artistes, etc., who wish to undertake cultural tours abroad, should obtain prior approval from the Ministry of Human Resources Development, Government of India, New Delhi.
9. Can a Resident Indian maintain foreign currency accounts in India?
A resident Indian can maintain a Foreign Currency (Domestic) Account and deposit Foreign Exchange acquired from any of the sources approved by Reserve Bank of India, e.g. unspent BTQ, honorarium or gift / payment for services while on a visit outside India or received from a person not resident in India or who is on visit to India in settlement of a lawful obligation etc.
10. Can residents obtain foreign exchange for medical treatment outside India?
For medical treatment abroad exchange can be released up to the estimated amount by the doctor in India or hospital/ doctor abroad. If the amount is US$1,00,000 or less the same can be released without estimate from doctor / hospital. Reserve Bank approval is required to release exchange exceeding the estimate from the doctor in India or doctor/hospital abroad. Additionally, US$25,000 can be taken for travel of the maintenance expenses of the patient or accompanying attendant for the patient going abroad for medical treatment/check up.
11. How much foreign exchange is available for studies outside India?
Release of foreign exchange for studies abroad up to the estimate given by an institution abroad or up to US$ 1,00,000 per academic year.
12. How much foreign exchange is available to a person going abroad on employment?
A person going abroad for employment can draw foreign exchange up to US$1,00,000 from any authorised dealer in India.
13. And to a person going abroad on immigration?
A person going abroad for immigration can draw foreign exchange up to US$1,00,000 or the amount prescribed by the country of emigration from an authorized dealer in India. This amount is only to meet the incidental expenses in the country of migration. No amount of foreign exchange can be remitted outside India to become eligible or for earning points or credits for immigration. All such remittances require prior permission of the Reserve Bank.
14. How much foreign exchange can one send as gift / donation to a person resident outside India?
Any person resident in India can remit up to US$5,000 in any one year as a gift to a person residing outside India or as donation to a charitable / educational / religious / cultural organisation outside India. Remittances exceeding the limit require prior permission from the RBI.