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Forex
Facilities for Residents (Individuals) (As on October 1, 2003) |
Private Travel
Foreign exchange upto US$ 10,000 in any calendar year for tourism or private travel to any country other than Nepal and Bhutan on the basis of self-certification. For travel to Nepal and Bhutan Indian currency can be taken without limit except Indian currency notes of denominations of Rs.500 and above.
Study Abroad/Medical treatment abroad/Employment abroad/Emigration/ Maintenance of close relatives abroad
Foreign exchange upto US$ 100,000 on the basis of self-certification. For students the limit of $100,000 is applicable for each academic year. For medical treatment in addition to $100,000, foreign exchange upto US$ 25,000 can be taken for meeting boarding/lodging/travel expenses of the patient and also the accompanying attendant on self-certification. Amounts in excess of the limits can be released on basis of documentary evidence of requirement.
International Credit
Cards can be used for:
·
meeting expenses
/making purchases while abroad without any limit
·
making payment in
foreign exchange for purchase of books and other items through Internet.
Residents holding a foreign currency account in India or with a bank overseas are also free to obtain ICCs issued by overseas banks and other reputed agencies.
Remittances can be made upto US$ 500, for any miscellaneous purpose, without the production of any document.
Gifts /donations can be made to anybody upto US$ 5,000 every year per remitter on self certification.
Foreign exchange can be freely drawn for all other bonafide current account transactions (other than those which are restricted or are subject to specific limits) on production of documentary evidence to the satisfaction of the Authorised Dealer.
Foreign exchange upto US$ 2,000, in the form of foreign currency notes or travellers' cheques (TCs) can be retained indefinitely for future use. Amounts in excess of $2000 have to be surrendered to a bank within 90 days and TCs within 180 days of return or credited to RFC(D) account. Foreign coins can be retained indefinitely without any limit.
Residents can open Resident Foreign Currency (Domestic) Account with a bank in India for crediting:
·
unspent balances
after travel abroad
·
currency ,TCs, bank
drafts received as gifts from or for services rendered to non resident while in
India
·
foreign exchange
earnings received, through banking channel, as honorarium, consultancy,
royalty, for any services or towards exports of goods
RFC(D) accounts are NOT interest bearing and there is no ceiling on the balances that can be built up in these accounts. The balances held in these accounts can be used for any purpose for which foreign exchange can be bought from a bank in India.
A resident individual, who is an employee or a director of an Indian office or branch of a foreign company or of a subsidiary of a foreign company or of an Indian company in which the foreign equity holding is not less that 51 per cent, can make remittances for the acquisition of foreign securities under Employees Stock Option (ESOP) Scheme without any monetary limit. The scheme is subject to the condition that the shares are offered at a concessional price.
Resident individuals can invest without any monetary limit in equity and debt instruments of overseas companies listed on a recognised stock exchange which have the shareholding of at least 10 per cent in an Indian company listed on a recognised stock exchange in India (as on 1st January of the year of the investment).
Resident shareholders of Indian companies, who offer their shares for conversion to ADRs/GDRs under the Scheme of Sponsored ADRs/GDRs can receive the sale proceeds in foreign currency or credit it to their RFC (D) Account.
·
Residents may extend
hospitality to non-residents towards booking of their air tickets or book
tickets against prior inward remittance.
·
Residents may book
tickets in India for their visit to any third country sector e.g., London/New
York through domestic/foreign airlines.