Taking cash in or out of India: Here’s a guide
The number of Indians holidaying abroad is likely to treble by 2025.
Millennials , who are more adventurous than their predecessors and are inclined to spend on travel rather than save, will drive the growth in tourism
If you are a person who frequently flies abroad for business purposes or any other purposes then pay attention. RBI has prescribed few limits on foreign exchange when going abroad from India.
In this post, we are going to discuss how much foreign currency you can carry to and from India. Also, how much Indian currency you can carry to and from outside India.
The Indian Customs limits on the amount of cash anyone can carry from abroad to India is different for Indian currency (INR) and foreign currency e.g. US Dollars, Pound or Yen.
Import: Currency Regulations in India
Local Currency (INR) –
Any person resident in India, who had gone out of India on a temporary visit, may bring into India at the time of his return from any place outside India (other than from Nepal and Bhutan), currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees Twenty Five Thousand only) per person.
Any person residing outside India and visiting India may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person
Foreign Currency-
There is no limit to bring foreign exchange in India from the US. However, the aggregate value of foreign currency notes in excess of USD 5000 or equivalent and the aggregate value of foreign exchange in the form of currency notes, bank notes or traveler’s cheques in excess of USD 10,000 or its equivalent must be declared to the customs by filing CDF (Currency Declaration Form)
Export: Currency Regulations in India
If you are going to overseas for travel, employment or study and wondering how much foreign currency you can take with you then this part is relevant to you. There is no limit to carry foreign exchange to Overseas, provided you obtained them from authorized money exchange and carry receipt of that transaction.
Foreign Currency-
There is no limit to carry foreign exchange while travelling abroad. However, amounts exceeding USD 5,000 or equivalent and foreign exchange in the form of currency notes, bank notes or traveller’s cheques in exceeding USD 10,000 or its equivalent must be declared to the customs.
Local Currency (INR) –
There is a limit of INR 25,000 per person for Indian residents to carry from India to US.Any person who resides outside India is allowed to take out of India, the unspent money bought by him/her.
Any person residing outside India may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person
Check below a snippet of the RBI notification on taking Rupees out of India:
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To summarize:
That’s all about Customs limits on the amount of cash anyone can carry to India from Overseas or bring from abroad to India. This is just general information. There are more complex rules depending upon his nationality, currency and the country he is coming from or traveling to. For example, there are special rules for Nepal and Bhutan and Middle east countries like Iraq or Libya.
By
Maitri Badani
(Article Assistant)
(Team SSRPN)
