How to Get Foreign Currency in India
Every country across the globe accepts a particular currency as the means of transaction. An individual can simply not carry and transact with any currency in any country. He or she needs to possess the currency which is valid in that particular territory. Residents of that country or territory would not face any problem in the transaction since it is logically assumed that the resident would carry the acceptable currency of the territory. What about those individuals who are visiting the country either for pleasure, work, education, or for any other reason? Most likely they might not carry enough or any acceptable currency of the territory at all. In such a scenario, these individuals have only one option of getting their currency exchanged either before setting off for the journey to the other country or just after landing in that country. So this article explains the complete information of procedure to exchange foreign currency in India.
When an individual comes to India, he or she might face a similar situation. So what are the procedures to exchange foreign currency in India? and what are the documents required for foreign exchange? How and where can an individual visiting India get his or her currency exchanged?
How To Get Foreign Currency in India?
An individual planning to visit India should be clear about the entire procedure of currency exchange. This would help him or her from getting into any problem in this country. The procedure of exchanging foreign currency is both easy and simple. There are precisely three ways in which anybody can exchange any foreign currency into Indian Rupees after he or she lands in India. These three ways include:
- Exchanging the foreign currency at designated currency exchange kiosks at the airports in India
- Exchanging the foreign currency at Banks approved by the Reserve Bank of India, or
- Exchanging the foreign currency at Money Changers or Foreign Exchange Houses authorized by the Reserve Bank of India
The individuals visiting India can also exchange their foreign exchange at designated online money exchange service platforms at a profitable right. However, as a word of caution, the individuals should choose such online platforms or any other third party currency exchange modes only after carefully examining their validity and legality of the business. These online service platforms help the individuals get the exchanged currency at a profitable rate right at the doorstep once they let the service provider know their current location.
Documents Required for Foreign Currency Exchange
While the process of exchanging currency is easy and simple, the individuals should know the basic requirement they should fulfill for completing such currency exchange procedures. The clear understanding of the various procedures and documents required for currency exchange in India would help the individual carry the documents along with them and thus making the process hassle-free. The various documents required for currency exchange include:
- The valid passport of the individual
- Some valid proof of their travel into India such as hotel accommodation details, hotel booking details, or flight tickets, among others
- Some valid proof of their residential address such as some utility bills which is not more than three months old
- The temporary resident permit or the green bar-coded identity document of the individual
These are the mandatory documents for exchanging any currency. However, any individual exchanging currency of value more than USD 200 need to carry either his or her passport in case the individual is a Non-Resident Indian or a Foreign Visitor or at least carry any photo identity card issued by the government of Indian such as the voter’s card, driving license, among others.
In case the value of currency being exchanged exceeds the value of USD 5000, the individual exchanging the currency also needs to submit a duly filled in Currency Declaration Form at the point of Currency Exchange.
How Much Foreign Currency Can be Carried to India
Individuals planning to get foreign currency should be aware of the permitted limits of carrying foreign currency into India. They should also be aware of the permissible ways and methods to carry such foreign currency. The limits and procedure for carrying foreign currency into India include:
- USD 250,000 is the maximum limit of foreign currency value which can be carried to India for a leisure trip per person in an entire financial year
- Out of USD 250,000, only USD 3000 is permitted to be carried as currency notes
- The remaining value of the foreign currency can be carried in the form of traveler’s cheques, remittances, or prepaid forex cards
- In case any individual plans to visit countries such as Nepal or Bhutan, no foreign exchange of currency would be available for any purpose whatsoever.
- Any individual coming to India can carry any amount of foreign currency or foreign exchange with him or her without any limit.
- In case the individual coming to India carries foreign exchange of value exceeding USD 10,000 (in the form of currency notes, bank notes, and traveler’s cheques) or exceeding the value of USD 5000 (in the form of foreign currency alone), the individual needs to declare the same to the Customs Authorities at the Indian Airport in the prescribed Currency Declaration Form upon arrival in India.