Hi
Can you tell me what are regulations to get foreign exchange?
Also I want know How long can i keep foreign currency?
Thanks.
Foreign Exchange Regulations.
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Foreign Exchange Regulations.
by gaja742 » March 5th, 2012, 4:42 pm
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gaja742 - Posts: 18
- Joined: June 23rd, 2011, 2:33 pm
Re: Foreign Exchange Regulations.
by vsncas » March 6th, 2012, 9:52 am
The query raised by Mr.R.Gajapathy on Foreign Exchange shall be answered covering all the related areas like Business, Personal, travel, expatriation etc. Most of the areas are not required for common persons and I restricted myself on Foreign Exchange regulations on Travel.
Foreign Exchange can be bought from any authorised dealer, sch as banks that deal in foreign currency. Besides these, money changers also provide exchange for business and private visits.
According to the Foreign Exchange Management Act 1999, foreign exchange up to $10000/= in any calender year is allowed to be obtained, irrespective of the number of visits in the year. No foreign exchange is available for visiting Nepal and Bhutan. Foreign exchange for travel abroad can be purchased from banks against payment in cash up to Rs. 50000. However, if the rupee equivalent exceeds Rs. 50000/-, the entire payment should be made through a crossed cheque or demand draft.
On return from a foreign trip, travelers must convert the unspent foreign currency back into rupees - currency notes within 90 days and travelers' cheques within 180 days of return. Travelers can retain foreign exchange up to $2000/-, in the form of foreign currency notes or travelers' cheques for future use, provided it is unspent amount or a gift from a foreign resident.
Source: The Economic Times Wealth dt 5-12 March 2012
V.SENTHILNATHAN
Foreign Exchange can be bought from any authorised dealer, sch as banks that deal in foreign currency. Besides these, money changers also provide exchange for business and private visits.
According to the Foreign Exchange Management Act 1999, foreign exchange up to $10000/= in any calender year is allowed to be obtained, irrespective of the number of visits in the year. No foreign exchange is available for visiting Nepal and Bhutan. Foreign exchange for travel abroad can be purchased from banks against payment in cash up to Rs. 50000. However, if the rupee equivalent exceeds Rs. 50000/-, the entire payment should be made through a crossed cheque or demand draft.
On return from a foreign trip, travelers must convert the unspent foreign currency back into rupees - currency notes within 90 days and travelers' cheques within 180 days of return. Travelers can retain foreign exchange up to $2000/-, in the form of foreign currency notes or travelers' cheques for future use, provided it is unspent amount or a gift from a foreign resident.
Source: The Economic Times Wealth dt 5-12 March 2012
V.SENTHILNATHAN
- vsncas
- Posts: 63
- Joined: June 22nd, 2011, 12:57 pm
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