An Authorised Dealer (AD) is any person specifically authorized by the Reserve Bank under Section 10(1) of FEMA, 1999, to deal in foreign exchange or foreign securities.
(a) Travellers proceeding to Iraq and Libya can draw foreign exchange in the form of foreign currency notes and coins not exceeding USD 5000 or its equivalent per visit.
(b) Travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States can draw entire foreign exchange (up-to USD 250,000) in the form of foreign currency notes or coins.
(c) Travellers going to all other countries are allowed to purchase foreign currency notes / coins only up to USD 3000 or its equivalent per visit. Balance eligible amount can be carried in the form of travellers card or banker’s draft.
For travellers proceeding for Haj / Umrah pilgrimage, full amount of entitlement (USD 250,000) in cash or up to the cash limit as specified by the Haj Committee of India, may be released by the ADs and FFMCs.
A resident of India, who has gone out of India on a temporary visit may bring into India at the time of his return from any place outside India (other than Nepal and Bhutan), currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000.
A person may bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India, in denomination not exceeding Rs.100. Any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveller coming from and going to Pakistan and Bangladesh, and visiting India may bring into India currency notes of Government of India and Reserve Bank of India up to an amount not exceeding Rs.25,000.
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 and/or travellers cheques brought in exceeds USD 10,000 or its equivalent and/or the value of foreign currency notes alone exceeds USD 5,000 or its equivalent, it should be declared to the Customs Authorities in the Currency Declaration Form (CDF), on arrival in India.
Foreign exchange for travel abroad can be purchased from an authorized person against rupee payment in cash below Rs. 49,999/-. If the sale of foreign exchange is for the amount equivalent to Rs 50,000/- and above, the entire payment should be made through banking channels. All purchases for single travel shall be treated as single transaction.
On return from a foreign trip, travellers are required to surrender unspent foreign exchange held in the form of currency notes and travellers cheques within 180 days of return. However, they are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.