Table of Contents
- 1 How much foreign currency can I keep at home in India?
- 2 How much foreign currency one can keep at home?
- 3 Is there any limit on possession of foreign coins by any person?
- 4 Is holding foreign currency illegal?
- 5 What is possession of foreign currency?
- 6 Can a permanent resident of India own foreign currency?
How much foreign currency can I keep at home in India?
You can indefinitely retain foreign exchange upto US$ 2,000, in the form of foreign currency notes or travellers’ cheques (TCs) for future use. Any foreign exchange in cash in excess of this sum, is required to be surrendered to a bank within 90 days and TCs within 180 days of return.
How much foreign currency one can keep at home?
You can retain foreign exchange up to $2,000 in the form of foreign currency notes or traveller’s cheque for future use or in a special account, if you meet certain conditions. Resident Indians can keep foreign currency holdings of up to $2,000 in a resident foreign currency (domestic) account.
Is there any limit on possession of foreign coins by any person?
I. Any person can possess foreign coins without any limit. That is, person can hold foreign coins for uncertain period for uncertain purpose.
How many dollars can NRI carry to India?
There is no limit to carry foreign exchange from US to India. If the amount exceeds USD10,000, you are required to declare the amount by filing out a form at the airport to support your cash.
How much forex can I carry out of India?
Residents of India can travel abroad with up to Rs. 25,000. There’s no limit to how much of a foreign currency you can take out of India, but if it’s US$5,000 or more in banknotes and coins, or US$10,000 or more in coins, notes and traveller’s cheques, it will have to be declared.
Is holding foreign currency illegal?
It is legal to keep the foreign currency but the catch is that there are certain rules set against holding a foreign currency for long. It is never too late to return your leftover foreign currency, be it foreign currency notes or FCDD / Foreign currency demand draft.
What is possession of foreign currency?
Possession and retention of money means to hold the money in some physical form. This would not include sums of money, which are held in electronic form. Specific regulations and law related to FEMA explain the limits of foreign currency, which can be possessed in India.
Can a permanent resident of India own foreign currency?
A person resident in India but not permanently resident may possess foreign currency without any limit, if such foreign currency was acquired, held or owned by him when he was resident outside India and has brought the same into India.
What are the limits for possession or retention of foreign currency?
A. Following are the limits for possession or retention of foreign currency or foreign coins, namely :-. possession without limit of foreign currency and coins by an authorised person within the scope of his authority ; possession without limit of foreign coins by any person;
What is the time limit for surrendering foreign exchange?
However, resident individual has to surrender received / realised / unspent / unused foreign exchange to an Authorised Person within a period of 180 days from the date of return to the India.