Whether you planning to travel to another country for studies, business relations, medical, investments or some other reason, you always require local currency of the country you are travelling to. Your financial plans can go haywire if you are unaware of forex rates & the fact that the Reserve Bank of India have set prescribed limits for individuals to carry foreign currency.
Holiday Travel or Vacations: Holidaying abroad requires spending in foreign currency. For your general travel or holiday an individual can carry up to $10,000 in a year.
Business Travel: If you are traveling to another country for business reasons, going for a meeting or for a specific training you are permitted to carry foreign exchange up to $25,000 per annum.
Foreign Education: Most students go to nearby forex dealers because they are unaware of currency limits & where to get lowest rates. To study abroad you can carry up to $100,000 which includes overall expenses relating to education including admission fee, living expenses etc. However, if you require additional funds, you need to produce an admission letter stating the amount from your institution.
Medical Treatments: For medical treatment you are allowed to carry foreign currency up to $100,000 without any estimation from doctor or hospital. However if you want to carry additional currency you have to produce an estimation from the doctor or hospital. Also you can carry an additional expense of up to $25000 as a maintenance amount.
Apart from this, there are some sub-limits on carrying foreign currency. In every case you are only allowed to carry $3000 in cash, rest of the amount must be carried in the form of Prepaid Forex Card, traveler’s Cheques or Banker’s draft. It is always recommended to carry Prepaid Forex Card for best currency exchange rates.