Foreign Exchange
Person going abroad for immigration can draw foreign exchange upto US$ 5,000 or the amount prescribed by the country of emigration from an authorised dealer in India. These amount is only to meet the incidental expenses in the country of migration. No amount of foreign exchange can be remitted outside India to become eligible or for earning points or credits for immigration. All such remittances require prior permission of the Reserve Bank.
Source- Reserve bank of India.
1) Limit of foreign exchange on return to India
Residents are permitted to hold foreign currency up to US$2,000 or its equivalent provided the foreign exchange was –
a. acquired by him while on a visit to any place outside India by way of payment for services not arising
from any business in or anything done in India;
Or
b. acquired by him, from any person not resident in India and who is on a visit to India, as honorarium or
gift or for services rendered or in settlement of any lawful obligation,
Or
c. acquired by him by way of honorarium or gift while on a visit to any place outside India;
Or
d. Acquired by him from an authorised person for travel abroad and represents the unspent amount thereof.
Source- Reserve bank of India.
2) While coming into India how much foreign exchange can be brought in by the traveller A person coming into India from abroad can bring with him foreign exchange without any limit provided if foreign currency notes, or travellers cheques exceed US$ 10,000/- or its equivalent and/or the value of foreign currency exceeds US$ 5,000/- or its equivalent, it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India
Source- Reserve bank of India.
Conclusion
Information regarding various travel formalities such as passport, visa, vaccination, restricted area permits, foreign exchange etc. and various regulations regarding foreign travel are becoming more and more relevant as people are travelling more frequently. These formalities facilitate smooth travel and stay of tourists at the destination and also affect overall travel experience. Without prior and proper information tourists will face many difficulties and their travel experience will turn into a nightmare.
Therefore the tourism professionals should arrange all the documents and complete all formalities regarding travel. This chapter will give a deep insight into the various formalities and regulations regarding foreign travels.
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