This article explains the Indian Customs limit on the amount of cash (Indian and Foreign currency) you can carry in and out of India with you.
Ever since India Government announced the ban on denomination currencies (Rs 500 and Rs 1000) overnight, there has been lot of panic among Indians as on how to exchange the currency in their hands.
While Indian residents can exchange or deposit the money in banks until 30 December 2016, the options for NRIs are limited. The most suitable option is to either take the money with them or send with someone who is travelling to India soon.
The next question is how much money they can take by hand. Unfortunately, there is lot of confusing information online, including some official websites, which are not updated in the past one year (since announcement of new rules during warly 2016 ). Even RBI and Customs website have pages which are not updated.
Here is the up-to-date information based on Reserve Bank of India notification dated 4 February 2016.
Importing Indian Currency
As RBI norms, passengers ( excluding citizens pf pakistan or bangladesh ) coming to India may carry India may carry Indian currency up to Rs. 25,000.
The informmation you seen on most website - like Rs 75000, Rs 10000 etc - are old limits prior to 2016.
for those who need to see official confirmation from government, see the RBI notification :
Detailed explanation from Reserve Bank of India Notification
“Any person resident outside India, not being a citizen of Pakistan or Bangladesh, and visiting India …. may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person”
Exporting Indian Currency
As RBI norms, passengers ( excluding citizens pf pakistan or bangladesh ) may take out of India ( other than Nepal and Bhutan ), Indian currency up to Rs. 25,000.
Detailed explanation from Reserve Bank of India Notification
“Any person resident in India …. may take outside India (other than to Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person.”
“Any person resident outside India, not being a citizen of Pakistan or Bangladesh, and visiting India …. may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person”
Importing Foreign Currency
Any person can bring into India, from a place outside India, foreign currency without any limit.
However the currency must be declared by filing CDF (Currency Declaration Form) in the following cases:
The aggregate value of foreign currency notes in excess of USD 5000 or equivalent OR
The aggregate value of foreign exchange in the form of currency notes, bank notes or traveller's cheques of USD 10000 OR its equivalent.
Detailed explanation from Reserve Bank of India Notification
“A person …. may bring into India from any place outside India without limit foreign exchange (other than unissued notes) subject to the condition that such person makes, on arrival in India, a declaration to the Customs authorities in Currency Declaration Form (CDF). It shall not be necessary to make such declaration where the aggregate value of the foreign exchange in the form of currency notes, bank notes or travelers cheques brought in by such person at any one time does not exceed US$10,000 (US Dollars ten thousand) or its equivalent and/ or the aggregate value of foreign currency notes brought in by such person at any one time does not exceed US$ 5,000 (US Dollars five thousand) or its equivalent”
Exporting Foreign Currency
There is no limit to carry foreign exchange from India to any country.
However the currency must be declared by filing CDF (Currency Declaration Form) if :
The aggregate value of foreign currency notes in excess of USD 5000 or equivalent OR
The aggregate value of foreign exchange in the form of currency notes, bank notes or traveller's cheques of USD 10000 OR its equivalent.
Detailed explanation from Reserve Bank of India Notification
“any person may take out of India … a. foreign exchange possessed by him in accordance with the Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2000 ; b. unspent foreign exchange brought back by him to India while returning from travel abroad and retained in accordance with the Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2000”
“any person resident outside India may take out of India unspent foreign exchange not exceeding the amount brought in by him and declared in Currency Declaration Form (CDF).”
Conclusion
To sum up the complicated rules :
a) Passengers can bring up to Rs 25,000 and take out Rs 25,000 in Indian currency.
b) Passengers can bring in or take out unlimited foreign currency, but has to fill up declaration form if total cash amount is more than USD 5000 or total is more than USD 10,000.
SOURCE : NRICAFE
