RBI Guidelines

Bringing in and taking out of Foreign Exchange

Foreign Exchange can be brought into India without limit; Declaration in form CDF necessary if the Amount > USD 10,000 (FC notes + TCs) and / or FC notes exceed USD 5000; Taking out Foreign Exchange other than that obtained from AD/AMC prohibited; Non- residents can take out Foreign Exchange up to the amount originally brought in;

Purchases of Foreign Currency from Public /Foreign Nationals:

Purchase from Residents / Non – Residents/foreign nationals FC Notes/ Coins/ TC's subject to submission of CDF (wherever applicable) to be taken; Facility to avail INR against International Credit Cards by foreign tourists Encashment Certificate to be issued in all cases of Encashments; No limit for encashment is prescribed, if declared on the Currency Declaration Form (CDF) on arrival to the customs authorities. No declaration in CDF is required for Foreign Currency with aggregate value upto US 5000 or equivalent; No declaration in CDF is required for FC + TC with aggregate value upto US 10000 or equivalent; For purchase of foreign currency notes and/ or Travellers' Cheques from customers for any amount less than Rs. 50,000/-, or its equivalent, copies of identification documents not required. However, details of the identification document to be furnished by the customer/ to be kept on record by the AMC; For purchase of foreign currency notes and/ or Travellers' Cheques from customers for any amount equal to or in excess of Rs.50,000/-, or its equivalent, documents, as mentioned at (F-Part-II) annexed to the A.P. (DIR Series) Circular No.17 {A.P.(FL/RL Series) Circular No.4} dated November 27, 2009, should be verified and copies retained. Permissible limit for cash payments against encashment: a) Foreign Nationals up to -- US $ 3000 b) Residents up to -- US $ 1000 All other cases of encashments, payment to be made by way of Account Payee Cheque or demand draft only. Payment to be made only by Cheque / DD, if purchases are from other FFMC/AD's;

Sale of foreign exchange Private Visits / Business Visits:

Sale against application, identification documents and declaration regarding Foreign Exchange availed during the financial year; Private visit- up to USD 10,000 per financial year. .Business visit-up to USD 25,000 per trip for Business / Conference / Training etc. TC issue subject to conditions of TC issuing company; Traveler to sign on the TC in the presence of Authorized official of AMC; Payment in excess of Rs.50, 000 to be received by Cheque / DD; Foreign Currency Notes up to USD 3000 and balance in TC's/Travel cards; Exemptions - Travelers visiting Libya & Iraq up to US $ 5000 Islamic Republic of Iran, Russian Federation and commonwealth of Independence States – Entire exchange to be released in FC notes;

Sales against Reconversion of Indian Currency

Non-residents are allowed to reconvert unspent INR at the time of their departure subject to production of a valid Encashment Certificate; Non-residents are allowed to reconvert INR up to Rs.10,000 without a valid Encashment Certificate, for bonafide reasons, if departure is scheduled to take place within the following seven days. Facility for reconversion of Indian Rupees to the extent of Rs. 50,000/- to foreign tourists (not NRIs) against ATM Receipts, are allowed subject to submission of the following documents: Valid Passport and VISA Ticket confirmed for departure within 7 days. Original ATM slip (to be verified with the original debit/ credit card).