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FREQUENTLY ASKED QUESTIONS
Carrying foreign exchange while coming to India
A person coming into India from abroad can bring with him foreign exchange without any limit.
However, if the aggregate value of the foreign exchange in the form of currency notes, bank
notes or travelers cheques brought in exceeds USD 10,000/- or its equivalent and/or the value of foreign currency exceeds USD 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.
FREQUENTLY ASKED QUESTIONS
Can a resident open a foreign currency denominated account in India?
Persons resident in India are permitted to maintain foreign currency accounts in India under the
following three Schemes:
Is there any category of visit which requires prior approval from the Reserve Bank or
Govt. of India?
Dance troupes, artistes, etc., who wish to undertake cultural tours abroad, are required to obtainprior approval from the Ministry of Human Resources Development, Government of India, NewDelhi
Is one required to follow complete export procedure when a gift parcel is sent outside India?
A person resident in India is free to send (export) any gift article of value not exceeding Rs.
5,00,000 provided export of that item is not prohibited under the extant Foreign Trade Policy.
How much jewellery one can carry while going abroad?
Taking personal jewellery out of India is governed by Baggage Rules framed under Foreign
Trade Policy by the Government of India. No approval of Reserve Bank is required in this case
Can a resident extend local hospitality to a non-resident?
A person resident in India is free to make any payment in Indian Rupees towards meeting
expenses on account of boarding, lodging and services related thereto or travel to and from and
within India of a person resident outside India who is on a visit to India.
Can residents purchase air tickets in India for their travel not touching India?
Residents may book their tickets in India for their visit to any third country. That is, residents can
book their tickets for travel, for instance from London to New York, through domestic/foreign
airlines in India itself.
Can a person resident in India hold assets outside India?
In terms of sub-section 4, of Section (6) of the Foreign Exchange Management Act, 1999, a
person resident in India is free to hold, own, transfer or invest in foreign currency, foreign
security or any immovable property situated outside India if such currency, security or property
was acquired, held or owned by such person when he was resident outside India or inherited
from a person who was resident outside India
Ministry/Department of Govt. of India whose
approval is required