Many people often ask how much foreign exchange they can get for their visit abroad. In this article, we will tell you what amount you can get for a visit abroad. However, there are many factors to know before carrying money from India abroad. Data showed that over 20 million people traveled abroad this year. If you are also one of those people who travel abroad and want to go abroad then this article is for you. The following sections are for you. People who frequently travel overseas should know about the limits set by the Reserve Bank of India on foreign exchange. Therefore, people who often go overseas must be aware of what amount of foreign currency they can carry from India. Shift to the next section and read more details.
As per the guidelines of the Reserve Bank of India, the business traveler can take up to $250000 per trip while going from India. However, the limit was even less than the aforementioned limit till July 2015 when the RBI increased the limit. What if you want more than $250000? In that case, you will require prior permission from the RBI. If you are wondering how much local currency you can carry while going abroad, shift to the next section and read more details.
The limit to carry amount while going abroad is Rs 25000 per year. It is also important to note that the total amount of foreign currency taken abroad from India for business purposes is US $ 2,50,000 per financial year. You can take this entire amount in a single business trip or break it down into multiple trips abroad, but the total limit per financial year stands the same. Speaking of the currency exchange RBI has ruled that $3000 visit on the purchases of foreign currency in the form of cash.
One can purchase an equivalent maximum of US $2,50,000 in the form of a Forex card. For Resident Individuals under the RBI Liberalized Remittance Scheme (LRS), $2,50,000 is the overall limit. But each country has different requirements. In the US, you need to declare cash or cash equivalent products of over $10,000 whether you enter or leave. However, there are no limits on how much money you can take, but you need to explain if you take over US $10,000. Even European nations have the same kind of requirements if you are carrying over EUR 10,000.