Traveling Abroad? Here’s How Much Foreign Currency You Can Take

Planning a trip abroad? Whether it’s a family vacation, a business meeting, or studies, there are limits on how much foreign currency you can take with you from India. This guide will outline the regulations set by the Reserve Bank of India (RBI) for carrying foreign currency.

The amount of foreign currency that an individual can take abroad for a private visit is:

• Any resident in India can take up to USD 250000 or equivalent in a financial year under the liberalized remittance scheme by RBI. USD 250000 as of 15.08.2021 is equivalent to Rs. 1,85,61,500.
• There is no limit on several travels but in any case, the limit should not exceed USD 250000 per financial year.
• The limit is available for individuals and not for a family. So, if there are four members in a family then each member can take USD 250000 per visit, but this limit can not be combined.
• Foreign currency notes and coins only up to USD 3000 can be carried by an individual per visit and the rest amount for USD 247000 can be carried in the form of Drafts, Store value cards, travel currency cards, and travelers’ cheques. Use a real-time currency calculator to get INR value.
• International credit cards and debit cards can also be used abroad under the total limit of USD 250000 per year.
• The air tickets bought in India in INR for travel to any foreign country will be a part of the individual’s overall limit of USD 250000/-.
• Currency notes up to Rs. 50000 can be purchased in cash and the balance can be purchased through cheques, RTGS, or bank transfers.
• For traveling to Nepal and Bhutan one can carry the currency notes of Rs. 100 and below denominations up to any limit. One cannot carry Rs. 500 and Rs 2000 notes for more than Rs. 25000.
• Travelers returning to India from a foreign trip need to surrender the unspent foreign currency notes and travelers’ cheques within 180 days of the return date, but they can retain USD 2000 only for the next visit.
• No need to surrender coins. They can be retained forever.

The allowable amount of foreign currency for a business visit abroad is:

• For business travel to foreign countries, resident Indians can take up to USD 250000 in a financial year.
• There is no limit on several travels but in any case, the limit should not exceed USD 250000 per financial year. This limit can be exhausted in a single visit also.
• Foreign currency notes and coins only up to USD 3000 can be carried by an individual per visit and the rest amount of USD 247000 can be carried in the form of Drafts, Store value cards, travel currency cards, and travelers’ cheques.

Amount of foreign currency one can take for studying abroad:

• For study abroad, one can remit up to USD 250000 in a financial year under the LRS scheme.
• This limit includes the following expenses:

1. Remittance to universities or colleges for education fees and hostel fees.
2. Expenses for food, stay, and other personal expenses.

• Tickets booked for traveling abroad from India.
• If the course fee is more than USD 250000, then Authorized Dealers (Banks & FFMCs) may permit the remittance over and above USD 250000 without prior approval of RBI, based on the evidence provided.