1. FOREIGN CURRENCY RULES FOR TRAVEL ABROAD :

2. Travel for Business purposes: While going on a business trip the amount of foreign exchange which can be drawn for the purpose is USD 25000 irrespective of the period of stay. In case more amount is required then prior permission from Reserve Bank is required. Business trip includes visits in connection with attending of an international conference, seminar, specialized, training, study, tour, apprentice training etc.

3. Visit to Nepal or Bhutan on a business trip : No release of foreign exchange is admissible. For any kind of travel of these countries, or for any transaction with persons resident there, no foreign exchange can be released. However, Indian currency without any limit, except currency notes of denomination of Rs. 500 and above, is permitted to be carried while visiting these countries.

4. Purchase of foreign exchange : Foreign exchange can be required 60 days in advance and therefore, any acquired Foreign exchange from an Authorized dealer for the given purpose must be used within 60 days of purchase, and where not used within the specified period should be surrendered to the authorized dealer. Resident going abroad are allowed to purchase and carry foreign currency notes/ coins only upto USD 2000 while the remaining amount within the applicable ceiling according to the purpose declared can be purchased in the form of travellers’ cheques or banker’s draft payable overseas.

5. Purchase of foreign exchange : Relaxation in the following cases: In case of persons proceeding to Iraq and Libya, they can draw foreign exchange in the form of foreign currency notes and coins not exceeding USD 5000 or its equivalent; In case of persons proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States, they can draw entire foreign exchange in the form of foreign currency notes or coins.

6. Purchase of foreign exchange : Rupee payment in cash for purchase of foreign exchange by persons traveling abroad is permitted only up to Rs. 50,000 and amount exceeding Rs. 50,000, payment is required to be made by using any of the following methods: By crossed cheque drawn on the applicant’s bank account, or By crossed cheque drawn on the bank account of the firm/company sponsoring the visit of the applicant, or By Banker’s Cheque/Pay Order/Demand Draft.

7. How to deal with unspent foreign exchange? As per the current regulations such foreign exchange brought back to India should be surrendered to an Authorised Person within 180 days from the date of return or else the individual concerned may utilize the same for his subsequent visit abroad.

8. How to deal with unspent foreign exchange? Further, returning person is also permitted to retain with him, foreign currency travelers cheques and currency notes up to an aggregate amount of USD 2000 and foreign coins without any ceiling. In addition, he is allowed to open, hold and maintain with an Authorised Dealer in India, A Resident Foreign Currency (Domestic) Account.

9. Use of International Credit Cards /International Debit Cards : No restriction on use of the ICCs/IDG for undertaking foreign exchange transactions except that these instruments cannot be used on internet or otherwise for purchase of prohibited items, like lottery tickets, banned or proscribed magazines, participation in sweepstakes, payment for call-back services, etc., A resident can use ICC/IDC on internet or otherwise without any restriction for making personal payments towards subscription to foreign journals, import of books, internet subscription, purchase of downloadable softwares, etc., and for travel abroad in connection with various purposes. The entitlement of foreign exchange on ICCs is limited by the credit fixed by the card issuing authority.

10. Use of International Credit Cards /International Debit Cards : The charges incurred against the ICC either in India or abroad, can be met out of funds held in foreign currency account/s of the card holder or through remittances, if any, from India only through a bank where the cardholder has a current or saving account. The remittance for this purpose should also be made directly to the card-issuing agency abroad, and not to a third party. Note: Use of these ICCs / IDCs for payment in foreign exchange in Nepal and Bhutan is not permitted.