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(Precious) Words of Wisdom : "Rich people have small TVs and big libraries, and poor people have small libraries and big TVs." ~ Zig Ziglar

How much forex can you get when going abroad?

RBI has prescribed certain limits for the amount of foreign currency that you can procure when travelling abroad. Broadly, these limits are as under:

The Basic Travel Quota of foreign currency for private visits e.g. tourism, employment, studies, emigration etc. that any resident Indian can obtain is up to a total of USD 10,000 per one financial year. This limit is irrespective of the number of visits undertaken during the year. 

However, if the visit is for business purposes, including attending a seminar, study tour, etc., the amount of forex permitted is USD 25,000 per visit.

If a person is going abroad for medical treatment, emigration or employment purposes, he is allowed to obtain a higher amount of foreign exchange up to USD 1,00,000.

For medical treatment, an additional amount of USD 25,000 is permitted as maintenance expenses for the patient and/or an attendant accompanying the patient. 

For studies abroad the permissible forex limit is USD 1,00,000 per academic year. Further, the students can also take additional USD 10,000 for incidental expenses

Only a maximum of USD 3,000 is allowed to be taken in the form of currency notes. Balance amount can be carried in the form of Travellers' Cheques, Banker's Draft or Travel Card. (There are certain exceptions to this when visiting Iraq, Libya, Iran or the Russian Federation)

Forex amount higher than the above-mentioned limits can be also be obtained, subject to proper proofs and prior approvals. 

The amount can be drawn up to 60 days in advance. But if this is not used within 60 days, it should surrendered back to the authorized dealers. 

Unspent forex must be surrendered within 180 days of returning from abroad. However, you are allowed to retain up to USD 2000 as foreign currency for future use.

No foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.

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