How much Foreign Currency can one bring back to India from Abroad
An Indian can carry Foreign Currency to India without any limit although, if the foreign exchange bought in the form of a currency note, traveller’s cheque or banknotes exceeds or equivalent to $10000 and the value of foreign currency exceeds or equivalent to $5000 it should be proclaimed in the Currency Declaration form (CDF) by the Customs Authorities at the airport on arrival to India.
After the return from Abroad can one keep the unused Foreign Currency
After the return from the foreign trip, one has to surrender the unused foreign exchange held in the form of traveller’s cheque and notes within 180 days. However, Indians are allowed to hold $2000 or equivalent in the form of a currency note or traveller’s cheque with them for the future use.
Also read: https://www.orientexchange.in/tips-to-utilize-leftover-foreign-currency
Documents Required for buying Foreign Exchange
The documents depend upon the purpose you are travelling if you are travelling on a private visit then your Passport, Pan card, Visa (if applicable) and tickets are mandatory. If you are travelling in a business visit then along with the above documents your company documents are required; travelling for education purpose University offer letter is required along with the above-mentioned documents and the currency will be released only in the initial stage that is on your first trip to abroad.
Best way to buy Foreign Exchange
There are many dealers available to exchange the currency, like Banks, Money Exchange, Foreign Exchange and Airport Counters. The rates offered by the airport counters are unlikely to favour you as they have high margin compared to other vendors and the rate offered by banks are pretty much high and there will be a lot of paperwork and you have to spare a lot of time in the bank to get the exchange done and the service charge depends upon the amount you exchange nobody wants to stand in a long queue in the bank to exchange the currency. It is better to deal with online Foreign Exchange, they have comparatively less margin compared to the banks and airports, always be prepared in advance and get your currency exchanged from Foreign Currency Exchange company which are authorized by RBI as they are trustworthy and provides the best exchange rate.