How much foreign exchange is available for a business trip?
For business trips to foreign countries, resident individuals/ individuals having proprietorship firms can avail of foreign exchange up to USD 2,50,000 in a financial year irrespective of the number of visits undertaken during the year. This limit has been subsumed under the Liberalized Remittance Scheme w.e.f. May 26, 2015.
Visits in connection with attending of an international conference, seminar, specialized training, apprentice training, etc., are treated as business visits. Release of foreign exchange exceeding USD 2,50,000 for business travel abroad, irrespective of the period of stay, by residents require prior permission from the Reserve Bank.
Is there any category of visit which requires prior approval from the Reserve Bank or the Government of India?
Dance troupes, artistes, etc., who wish to undertake cultural tours abroad, should obtain prior approval from the Ministry of Human Resources Development (Department of Education and Culture), Government of India, New Delhi.
How many days in advance one can buy foreign exchange for travel abroad?
Permissible foreign exchange can be drawn 180 days in advance. In case it is not possible to use the foreign exchange within the period of 180 days, it should be immediately surrendered to an authorized person. However, residents are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.
Is there any time-frame for a traveler who has returned to India to surrender foreign exchange?
On return from a foreign trip, travelers are required to surrender unspent foreign exchange held in the form of currency notes within 180 days of return. However, they are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.
How much foreign exchange can be brought in while visiting India?
A person coming into India from abroad can bring with him foreign exchange without any limit. However, if the aggregate value of the foreign exchange in the form of currency notes, bank notes or travelers cheques brought in exceeds USD 10,000 or its equivalent and/or the value of foreign currency alone exceeds USD 5,000 or its equivalent, it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.