RBI raises forex limit for travellers abroad to $3,000
05 May 2010
The Reserve Bank of India (RBI) has raised the limit of foreign currency travellers are allowed to carry on their visits abroad to $3,000 from $2,000, with immediate effect.
Travellers to countries other than Iraq, Libya, Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States have now been allowed to carry up to $3,000 in cash with them without the RBI's permission, RBI said in a release.
No release of foreign exchange is admissible for travel to Nepal and Bhutan. For release of foreign exchange exceeding certain limits prior approval of the RBI should be obtained.
RBI has allowed authorised dealers and full-fledged moneychangers to sell foreign exchange in the form of foreign currency notes and coins, up to $3,000 or its equivalent, out of the overall foreign exchange released.
RBI said authorised dealers and full fledged money changers will continue to sell foreign exchange in the form of foreign currency notes and coins up to $5,000 or its equivalent to the travellers proceeding to Iraq or Libya, out of the overall foreign exchange released.
Full foreign exchange may also be released in the form of foreign currency notes and coins to travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States.