It’s time for your yearly vacation to India, or perhaps you’re organizing a special family trip to India. Whatever the cause, you’ll almost certainly be bringing some foreign cash with you. What are the regulations in this case? The Reserve Bank of India (RBI) has imposed various restrictions on NRIs in India when it comes to foreign exchange transactions. Here’s what you should be aware of:
The amount of foreign currency you can carry with you to India has no restriction or limit. However, if you’re bringing back a large quantity of money, you’ll need to report it to the customs officials at the airport. If the total amount of foreign cash in different forms, such as currency notes, travelers’ cheques, or banknotes, equals or exceeds USD 10,000, customs declarations are required.
If you are looking to buy foreign currency, you can approach an RBI authorized forex money changer. You can buy it at the best rates from them at the lowest or null conversion charges. Specialist money changers give you better rates because their primary craft is a forex and so they keep a live track of the exchange rates. NRI can convert the balance of his NRE accounts into foreign currency at any time.
You can also buy forex online by visiting online portal. You will get doorstep customer service for your opted forex product. You will be asked to submit some documents for a transparent and secure forex experience which they would inform when you choose their service.