How much foreign exchange can you send abroad as gift or donation from India?

By Ambari Datta Gupta
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    How much foreign exchange can you send abroad as gift or donation from India?
    A person residing in India can send foreign currency either as gift or as donation from India to relatives or organisations abroad. The limit of foreign currency one can send to someone outside India is capped at USD 125,000 in one financial year as permitted under the Liberalised Remittance Scheme (LRS).

    If you so desire you can send the foreign currency as a gift to your relatives who reside in foreign countries. You can also send foreign currency as donations to organisation that support activities towards charity, education, religious or cultural.

    You can send either less or the entire amount of USD 125,000 in one financial year depending on your need and desire. However, it is the responsibility of the donor in India to ensure that the amount which he/she is either donating or gifting does not exceed the limit.

    In certain situations, you may want to send more foreign currency than the stipulated amount. In such a case, you have to take a permission from the Reserve Bank of India (RBI) prior to sending.

    Foreign currency you can bring to India

    If you are returning home in India after traveling abroad then you can bring as much as foreign currency with you. However, if you bring more than $10,000 in foreign currency, travellers cheques or bank notes then you have to declare to the Customs Authorities at the Airport. Yo also need to fill the Currency Declaration form (CDF). Click here to know more.

    Unspent foreign currency has to be surrendered

    You must keep in mind that you need to surrender the unspent foreign currency returning home from abroad. Keeping foreign currency is a serious violation of FEMA ACT. Click here to know within how many days you are required to surrender the unspent foreign currency.

    Conclusion

    Its better you keep a track of how much foreign currency you are sending abroad as gift or donations from the very first day you donate or gift it to someone. In any case, it must not exceed the limit of USD 125,000.

    GoodReturns.in

    Story first published: Thursday, July 31, 2014, 9:45 [IST]
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