If you want to go out side India than very most common question is, how many amounts of money which I can take outside India or when I come back to India how many amounts of money which I can bring in to India?
Welcome to Tuesday Tax Line, in this article I give you drone view of some limits that you can take or bring into your pocket while you travel internationally.
In India RBI (Reserve Bank of India) is the supreme authority to manage the inflow and outflow of foreign currency. As per the RBI rules and Guidelines following is some major limit which you should keep in your mind.
2. Nepal and Bhutan are always special country for India, so, if you are travelling in both the country then the limit is not applicable but subject to the condition that your pocket is fill with the Indian notes which is below the 500 values note.
3. Now a day most of the student want to study outside India, for this trend you need to buy some foreign currency also, here you can buy upto $30,000 and the estimate from the institute abroad.
4. If you are going for any medical treatment and you need some foreign currency than in that case you can exchange upto $5,000.
5. You want to work in foreign, you can take $5,000 on the basis of letter of employment.
6. I don’t want to live in India and want to emigrate in outside, then you can take upto $5,000.
7. I want to spend for any other reason and don’t want to produce any kinds of document for the same then in that case you can spend upto $500.
8. I want to give gift to my brother, then you can give gift or donation upto $5,000 in a year.
9. I recently came back to India and I have a foreign currency then? In that case you can retain foreign currency upto $2,000. But in the excess of this limit, you need to surrender or give back to bank within 90 days of return in India.
10. Now, I want to retain some foreign exchange for my mind satisfaction, then you need to give declaration to custom and provide proper info of such currency and you can retail upto $5,000.
11. And the most important you can retain foreign coins indefinitely without any limits.
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