International travel for the purpose of vacation or business is common. For individuals who are planning their trip for the first time should be aware of the visiting countries currency and other details of remittance.
In India, under Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April - March) for any permissible current or capital account transaction or a combination of both.
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Here are 5 things to know
1. Any resident can obtain foreign exchange up to an aggregate amount of USD 2,50,000, from an Authorised Dealer or FFMC, in any one financial year, irrespective of the number of visits undertaken during the year.
Also read: 7 Must Know Facts On Indian Rupee
2. Note that no foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.
3. Travellers going to all countries are allowed to purchase foreign currency notes / coins only up to USD 3000 per visit. Balance amount can be carried in the form of travellers cheque or banker's draft.
4. Resident of India, who has gone out of India on a temporary visit may bring into India at the time of his return from any place outside India (other than Nepal and Bhutan), currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000.
5. Permissible foreign exchange can be bought 60 days in advance
6. On return from a foreign trip, travellers are required to surrender unspent foreign exchange held in the form of currency notes and travellers cheques within 180 days of return. While, The residents can hold foreign coins without any limit.
7. One can also go for international debit card or a forex card.
8. While, using international debit card may attract some extra charges and fees when compared to pre paid forex card where you need not worry about the currency conversion each time you swipe or withdraw cash.