Foreign Currency and Forex Card
Individual customer (Indian resident / Foreigner permanently residing in India) buying Forex for Private trip:
- Foreign exchange up to US$ 250,000 is permissible in a financial year for multiple purposes including tourism or private travel to any country other than Nepal and Bhutan on the basis of self-certification under LRS. The availability of limit is considered by combining availment of foreign exchange under different purposes.
- For purchasing, currency cash is acceptable only upto Rs. 50,000 per transaction. All purchases within 30 days shall be treated as single transaction
- Travelers are allowed to purchase foreign currency notes/coins only up to US$ 3000. Balance amount can be taken in the form of Prepaid Forex card
- Documents to be submitted:
- Passport
- PAN
- Address proof such as: Telephone bill/ bank account statement/ letter from recognized public authority/ electricity bill/ ration card/ Letter from employer
- Copy of Ticket
- Visa if applicable
- Self declaration cum undertaking form
Business customer buying Forex:
- Visits for international conference, trainings, study tour, etc. are treated as business visits
- Business customers can purchase US$250,000 for a year combined with other availment under LRS to any country other than Nepal and Bhutan
- Travellers are allowed to purchase foreign currency notes/coins only up to US$ 3000. Balance amount can be taken in the form of Prepaid Forex card
- Documents to be submitted:
- Passport
- Memorandum of Association (MOA)
- Company Pan Card
- Company Registration documents
- Letter from MD/CFO giving details of authorized signatories.
- Foreign Currency request letter signed by authorized person from the company
Individual customers (Non-Residents) reconverting unspent Indian Currency:
- Unspent Indian currency held by non residents can be reconverted into forex at the time of their departure from India if they provide the encashment certificate.
- If encashment certificate is not produced for bonafide reasons, then maximum Rs. 10,000 can be converted if the departure date is within 7 days
- Documents to be submitted:
- Passport
- A valid Encashment Certificate
- Ticket
