Forex Facilities for Residents (Individuals) (As on Dec'13)

Private Travel

Foreign exchange up to US$ 10,000 is permissible in any calendar year for tourism or private travel to any country other than Nepal and Bhutan on the basis of self-certification. When traveling to Nepal and Bhutan, you can carry as much Indian currency as you wish, except currency notes with denominations of Rs.100 and above.

Study Abroad / Medical treatment abroad / Employment abroad / Emigration / Maintenance of close relatives abroad

Foreign exchange up to US$ 100,000 is permissible on the basis of self-certification. For students the limit of $100,000 is applicable for each academic year. For medical treatment in addition to $100,000, foreign exchange up to US$ 25,000 can be taken for meeting boarding/lodging/travel expenses of the patient and also for the accompanying attendant on self-certification. Amounts in excess of the limits can be released on basis of documentary evidence of requirement.

Remittance for Miscellaneous Purposes up to US $25000

A.P Master Circular No. 6/2013-14 dated 1st July 2013, remittances can be made up to US$ 25000, for any miscellaneous purpose, without furnishing documents other than the Application Form

Form 15 CA CB Mandatory for FX Transaction

1st October 2013, as per the circular no. 2659(E) dtd 2nd Sept. 2013 from Ministry of Finance, for certain FX and Trade transactions, Submission of Form No. 15CA and CB has been made mandatory in most purposed on Fx transaction - Contact your branch for further details.

International Credit Cards

International Credit Cards can be used for:

Overseas forex trading through electronic/internet trading portals

As per RBI circular No 46 dated September 17, 2013, it has been clarified that overseas forex trading through digital trading portals, in respect of the margin payments being made by their customer for online forex trading transactions( directly /Indirectly ) through their credit cards / Net Banking is prohibited form of transaction

Surrender of Foreign Exchange on Return

Foreign exchange up to US$ 2,000, in the form of foreign currency notes or travellers' cheques (TCs) can be retained indefinitely for future use. Amounts in excess of $2000 have to be surrendered to a bank within 90 days and TCs within 180 days of return or credited to RFC (D) account. Foreign coins can be retained indefinitely without any limit.

Resident Foreign Currency (Domestic) Account

Residents can open Resident Foreign Currency (Domestic) Account with a bank in India for crediting:

Click here to know how to open an RFC Domestic account.

Liberalized Remittance Scheme

A.P Circular 24,dated 14th August 2013, RBI have reduced the Limit under Liberalised Remittance is any form of money transfer or payment done from one's working country to home country. Depending on the difference in currency rates and the amount to be transferred, the charges on remittance are also different. Scheme for Resident from USD 200,000 to USD 75,000.

On a review of the scheme, it has now been decided to reduce the existing limit of USD 200,000 per financial year to USD 75,000 per financial year (April - March) with immediate effect. Accordingly, AD Category - I banks may now allow Remittance is any form of money transfer or payment done from one's working country to home country. Depending on the difference in currency rates and the amount to be transferred, the charges on remittance are also different. up to USD 75,000 per financial year, under the scheme, for any permitted current or capital account transaction or a combination of both.

Eligibility:

All Resident individuals are eligible to avail of the facility under the scheme. This facility is not available to Corporates, Partnership firms, HUF, Trusts etc.

Purpose:

This facility is available for making remittanceis any form of money transfer or payment done from one's working country to home country. Depending on the difference in currency rates and the amount to be transferred, the charges on remittance are also different. up to USD 75,000/- per financial year for any current or Capital account transactions or a combination of both.

Please note that this facility is available in addition to those already available for private travel, business travel, donations, studies abroad, medical treatment etc. as described in the Schedule III of FEMA (current account transactions) Rules 2000.

Remittance for the following purpose are prohibited under Schedule-I mentioned in this scheme: