Check RBI Forex Limits Before Travelling Abroad

For all the travellers travelling abroad, whether for business, vacation or any other reason, one of the most important requirements is-Forex. When travelling abroad, you need to have enough money to cover your finances well, and also have some extra money for unforeseen emergencies. But, what not many people know is that the travellers are legally bound by forex limits set by RBI, i.e. you can remit or spend only limited amount of cash and the limit depends on the purpose of your travel. Let’s find out more about the forex limits set by RBI, brought to you by Buy Forex Online India Pvt Limited-one of the best forex dealers in India.

The Reserve Bank of India (RBI), has prescribed limits up to which an individual can remit or spend foreign exchange freely i.e. without any approval requirement. Here are some forex limits every traveller should know about.

Leisure travellers: The winter season brings with it the excitement of long awaited vacations. If you are planning to spend this vacation abroad, you would require money for purchasing things, hotel accommodation, travel arrangements, etc. No matter which platform you choose to buy forex for your holidays, it is important to ensure you stick to the foreign exchange limits set by the Reserve Bank of India. In this category, a traveller is allowed to draw foreign exchange up to $10,000 in a financial year.

Business trip: If you are headed abroad for business purpose, then you are allowed to draw forex up to $ 25,000 in a financial year. If you want to carry forex greater than this amount to all countries except Nepal and Bhutan, you will require prior permission from the RBI.

Employment: If you are going abroad for employment, can draw foreign exchange up to USD 100,000 from any Authorised foreign exchange dealers in India.

Education: Secured a seat in your dream college? Now you must have started looking for some reliable forex dealers providing the best currency exchange rates. No matter which option you choose to buy your forex, it is very important to know that you can draw up to $100,000 equivalent per academic year for studying abroad.  The student may avail of an amount of USD 10,000 or its equivalent for incidental expenses out of which USD 3000 or its equivalent may be carried in the form of foreign currency, if you are planning to study abroad.

Medical treatment: An individual travelling abroad for medical treatment is allowed to withdraw foreign exchange up to $100,000, without providing any estimate from a doctor or hospital. One can obtain foreign exchange exceeding the above limit as well, provided the request is supported by an estimate from a hospital/doctor in India/abroad. 

If you are going abroad on emigration: RBI has allowed withdrawal of forex for emigration facilities up to $100,000 on self-declaration basis. If requirement exceeds USD 100,000, the person requires to obtain the prior approval from the Reserve Bank.

No matter what your purpose for travel, having the important forex information is very important to make your forex buying process organised and stress free. One very good way to make your forex buying process simple is to buy forex online from Buy Forex Online India Pvt Limited-the best way to buy forex at the best currency exchange rates.

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