Are there any things to Know When Carrying Money From India Abroad?
Naturally, there are a few things to be aware of while taking money from India abroad. Every year, more than 20 million people from India visited other countries. Business travelers make up a sizable share of this number. And if you frequently travel overseas on business, you should be aware of some of the restrictions the RBI has placed on the amount of Foreign currency you can take with you when you leave India. Let's examine how much currency you can bring abroad.
Is there a limit on buying Foreign Currency?
According to the RBI's regulations, any traveler leaving India may buy up to the USD 250,000 in the form of a forex each trip. From the previously for business USD 25,000 per trip and for liseure USD 10,000 per annum, the RBI raised the maximum in July 2015. In addition, if you require anything more than that, you must first speak with the Reserve Bank of India and take special approval. Whether you spread out your annual cap over several work trips overseas or take it all in one trip, it never changes. Additionally, the RBI has set a $3000 cap on the total amount of foreign currency that may be purchased in cash or notes while visiting another country from India. To obtain all the factors get in touch with a Money changer that has received approval from the RBI and is authorized as a “Full-Fledged Money Changer (FFMC)” or “Authorised Dealer Category II”.
They gain because, unlike banks, they don't need customers to have accounts with them to buy or sell foreign currency. Additionally, banks are more expensive than money exchangers. As a result, they provide the Best exchange rates to draw clients. Almost every major city or town in India has a money exchange business. However, keep in mind that all money changers possess an RBI license. Make sure the forex broker you are working with is authorized to conduct business.
For currency exchange, they follow the same strategy as banks.
- Make a currency purchase or sell transaction at a forex shop.
- Get the required paperwork ready.
- Receive a change of currency.
You can even Buy currency online at the web portal of your authorized money dealer.