Foreign exchange regulations for travel update

Travellers can retain foreign exchange up to $2,000, in the form of foreign currency notes or travellers' cheques for future use, provided it is unspent amount or a gift from a foreign resident

Travel News
Travel News

1. Foreign exchange can be bought from any authorised dealer, such as banks that deal in foreign currency. Besides these, money changers also provide exchange for business and private visits.

2. According to the Foreign Exchange Management Act 1999, foreign exchange up to $10,000 in any calendar year is allowed to be obtained, irrespective of the number of visits in the year. 

3. No foreign exchange is available for visiting Nepal and Bhutan. Foreign exchange for travel abroad can be purchased from banks against payment in cash up to Rs 50,000.

4. However, if the rupee equivalent exceeds Rs 50,000, the entire payment should be made through a crossed cheque or demand draft.

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