What is foreign exchange?
The process of exchanging one currency for another is known as foreign exchange. It is frequently referred to as Forex.
How to buy foreign currency in India?
If you don't want to deal with the hassle, you can simply go to the Prune.co.in. select your desired currency, fill in the required details and purchase forex at the best exchange rate available.
We've got you covered no matter what currency you're looking for! Furthermore, you have the option of having the purchased forex delivered to your home or picking it up at the airport.
How much foreign money can I keep in India?
Residents of India who have returned from a trip abroad or who have received payment or a gift in foreign currency in India from a foreigner are allowed to keep up to US$ $2,000 in foreign currency notes or traveller's cheques for as long as they want.
If the sum is more than US$ 2000 equivalent, the extra foreign exchange must be returned to their bank or an RBI-approved money changer within 90 days for currency notes and 180 days for traveller's cheques.
What are the individual foreign exchange limitations in India?
The following are the foreign exchange limits in India for resident Indians:
When travelling abroad
- A resident Indian can carry up to US$3,000 in foreign currency notes and up to US$2,50,000 in forex cards or traveler's checks.
- A resident Indian can carry up to Rs 25,000 out of the country.
Money Transfers to Other Countries
A resident Indian can transfer money overseas up to US dollar 2,50,000 equivalent every year under the "Liberalized Remittance Scheme (LRS)" of the "Foreign Exchange Management Act (FEMA)." The objective of a money transfer to another country under the "LRS" must be approved by the RBI.
When coming to India from another country
- A resident Indian can bring foreign currency into India in cash USD 5,000 equivalent, or if the value of foreign currency brought into India in cash + traveller's cheques exceeds USD 10,000 equivalent, it must be declared to Customs Authorities at the airport in the Currency Declaration Form (CDF).
- A resident Indian can carry bring Rs 25,000 into India without having to declare it. If you have more than Rs 25,000 in cash, you must report the amount to customs.
What documents do I need to exchange currency in India?
The following documents are necessary for money exchange in India:
- Passport.
- Valid visa.
- A confirmed airline ticket for travel within 60 days of currency purchase.
- Identification card (PAN) (mandatory for forex card.)
