Travellers can take foreign currency up to $3,000

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Indian travellers going abroad can take more foreign currency without taking the Reserve Bank of India's permission now. The RBI has allowed authorised dealers and full-fledged money changers to sell foreign exchange in the form of foreign currency notes and coins up to $3,000 or its equivalent to the travellers proceeding to countries other than Iraq, Libya, Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States."The existing limits have been reviewed and it has been decided to increase this ceiling, with immediate effect," the RBI said in a circular on Tuesday. The previous ceiling was $2,000 to the travellers proceeding to these countries, without the prior permission from the Reserve Bank."Authorised dealers and money changers may accordingly sell foreign exchange in the form of foreign currency notes and coins, up to US $ 3,000 or its equivalent, out of the overall foreign exchange released," it said.They can sell foreign exchange in the form of foreign currency notes and coins up to $5,000 or its equivalent to the travellers proceeding to Iraq or Libya, out of the overall foreign exchange released and full foreign exchange may be released in the form of foreign currency notes and coins to the travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States, the RBI said.In November 2001, the limit was hiked to $ 2,000 from $ 500. In 2007, in a bid to neutralise the impact of huge capital inflows and check the sustained rise in the rupee's value against the dollar, the Reserve Bank further liberalised the foreign exchange norms to boost the outflow of funds from India. The RBI then allowed resident Indians to transfer up to $200,000 (around Rs 90 lakh a year) abroad without its approval under the Liberalised Remittance Scheme (LRS) in a financial year. The earlier limit was $ one lakh (Rs 45 lakh) a year. Indians can transfer $ two lakh to acquire and hold immovable property, make investment in financial instruments or purchase any other asset abroad without any prior approval.The RBI had earlier allowed authorised dealers (Category I & II) and full-fledged money changers to accept the payments made by the traveller through debit cards or credit cards or prepaid cards for travel abroad (for private visit or for any other purpose).

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