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How much Foreign Exchange can I carry on an overseas trip?

What documentation do I need?
The amount of foreign exchange that may be carried on an overseas trip under current regulations is as under;

Purpose of Trip	Maximum permissible Amount		Documentation*
Business trip	US$ 25,000 per trip	No limit on number of trips made per year	Application on company letterhead in the prescribed format signed by the authorized signatory.
Leisure trip	US$ 10,000 per calendar year under the Basic Travel Quota (BTQ)	Unutilised portion of the BTQ cannot be carried forward to the next year.	BTQ application, copies of passport, valid ticket and valid visa for the destination country.
Overseas education	US$ 100,000 per year + Entitlement under the BTQ mentioned above	Higher amounts may be permitted if mentioned on the I-20 form for US bound students or the college admission letter for students bound to other countries.	TRS form. For BTQ portion - see above.
Medical treatment	US$ 100,000 per year		TRM form.

Documentation: Sub section (5) of Section 10 of the FEMA does not prescribe any specific documentation and expects the authorised person to obtain such information from the applicant that will reasonably satisfy him beyond any doubt that the said transaction does not contravene or evade any provisions under the Act. The documents mentioned above are those normally requested for by authorized sellers to release the foreign exchange requested. Some sellers may request for additional documents based on their internal policy or any changes in regulation that may come in force at the time of purchase.


	Foreign exchange availed in cash is restricted to US$2,000 or equivalent. The balance may be taken in the form of Travellers Cheques, bank drafts, through bank transfer or spent on credit and debit cards.


	Foreign exchange including American Express Travellers Cheques can be purchased from Authorised Dealers such as banks or licensed Full Fledged Money Changers (FFMCs) for leisure and business travel purposes. For all other purposes, foreign exchange may be purchased only from Authorised Dealers.

What do I do with unspent foreign exchange after I return?

An amount not exceeding USD 2000/- can be retained indefinitely at home in cash or Travellers cheques. RBI vide AP circular No.53 dt.23/11/2002 has permitted resident Indians to maintain Resident Foreign Currency (Domestic) Account. Foreign exchange acquired for travel if unspent can be deposited in this account. In the absence of such an account unspent foreign exchange can be retained for future travel for a period of only 180 days from the date of return.

Payment towards purchase of foreign exchange should be made by Demand Draft / Cheque with a debit to the applicant's account. In case of business visits the payment should come from the company's account. For leisure travel, payment in cash not exceeding Rs.50000/- can be made. Any amount in excess of Rs.50000/- has to be made by cheque / Demand draft / debit to account.

Please note: The regulations mentioned here are subject to change from time to time. We request you to confirm currency of these regulations independently with your advisor prior to purchasing foreign exchange.

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