Yes, you can. You can reserve foreign currency up to 60 days before your planned travel date. In case your travel plans get canceled or postponed beyond the stipulated 60 days, you must surrender the forex to Mark Forex Hub.
Yes, you can. You can reserve foreign currency up to 60 days before your planned travel date. In case your travel plans get canceled or postponed beyond the stipulated 60 days, you must surrender the forex to Mark Forex Hub.
If your travel plans get canceled, you will have to surrender your forex to Mark Forex Hub. You will receive your refund within 3-5 days. You can choose to receive your refund via a crossed cheque or directly into your account via net banking within 3-5 days.
Not exceeding US Dollars 2,50,000 (If not consumed any part of it in any other purpose stated as per RBI's guidelines covering LRS) in a financial year; can be utilized in one or more number of visits. This scheme used to be called Basic Travel Quota (BTQ) This limit has been subsumed under the new Liberalized Remittance Scheme (LRS). If an individual has already remitted any amount under the Liberalized Remittance Scheme in a financial year, then the applicable limit for traveling purpose for such individual would be reduced from USD 250,000 by the amount so remitted.
Travelers are allowed to purchase foreign currency notes/coins only up to US$ 3000 individually. Balance amount can be taken in the form of Traveler’s Cheque, banker's draft or Prepaid Travel Cards. Exceptions to this rule are the following:
(a) Travelers proceeding to Iraq and Libya can draw foreign exchange in the form of foreign currency notes and coins not exceeding US$ 5000 or its equivalent
(b) Travelers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States who can draw entire foreign exchange in the form of foreign currency notes or coins. For travelers proceeding for Haj/ Umrah pilgrimage, the full amount of BTQ 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.
Yes, children of all ages are allowed the same entitlements (limits) as adults, But Minors/children below the age of 14 cannot carry Forex card/Traveler's cheque.
Non-Resident Indians living in India beyond 180 days are eligible to purchase forex under the said scheme
* Foreign Nationals permanently resident in India are eligible to avail of this quota provided the applicant is not availing of facilities for remittance of his/her salary, savings etc. abroad in terms of the existing FEMA regulations.
* Similarly, Foreign-born wife of an Indian national.
If you’re traveling abroad for business (except to Nepal and Bhutan), you can reserve up to $250,000 worth of forex in a year under the new Liberalised Remittance Scheme (LRS). If you require more than this set limit, you will need to get prior permission from the Reserve Bank of India. This limit can be used up in one trip or can be spread over multiple visits.
It is considered a business trip if you are traveling abroad for: