There is a restriction on the amount of US dollars that you can carry on a visit abroad or outside India. When traveling abroad one has to adhere to the guidelines as stipulated by the Reserve Bank of India (RBI).
For example, if you want to carry money in Euros or Japanese Yen, the equivalent amount should be to the tune of Dollars 10,000.
Now, the amount mentioned of Dollar 10,000 is for private visit and not for business visits. For the purpose of business visits one can carry an amount of US dollar 25,000 abroad.
Now, let us study the different categories of individuals who can carry different amount of US dollars when traveling abroad.It really depends on your need and the nature of visit.
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1) Only for private visits
For private visits the amount is restricted to US dollar 10,000.
2) Medical treatment abroad
One can get an approval of as much as dollar 1,00,000 for medical treatment abroad. Interestingly, there is no estimate needed from the concerned doctor or the hospital and one can give a self declaration if one needs US dollars for medical treatment abroad.
3) For students studying abroad
One can get approval for as much as dollar 100,000 for paying an institution for studies abroad. The amount can be enhanced based on the estimates of the educational institution.
4) Person going abroad for employment
A person going abroad for employment can draw as much as dollar 100,000. Here again he can approach the required authorized dealer for remittance. There would be a restriction on the amount of hard currency that one can carry for the purpose.
Other important points to note when carrying dollars abroad
a) Per calendar year
The restriction of dollars is per calendar year.
b) This is for countries other than Nepal and Bhutan
c) There is a limit of Dollar 3000 that one can carry in the form of currency and the rest has to be carried by way of traveler cheques for private visits. There are presently some exceptions to certain countries like Libya and Iraq. One cannot be sure if the present guidelines for these two countries has changed.
d) How to pay for foreign currency?
The amount for foreign currency can be paid in cash. However, if the amount exceeds Rs 50,000, it can be paid by a crossed cheque.