Planning to go abroad for studies, for business or a holiday? The most important thing which you need is a foreign exchange in the local currency. You can easily exchange foreign currency in Chandigarh, but your budget may go haywire if you are not aware of the relevant limits under foreign exchange regulations. The Reserve Bank of India is the nodal body that manages foreign exchange and has prescribed the limits up to which an individual can remit or spend foreign exchange freely.
Limits On The Basis Of Travel Purpose
- Holiday: If you are planning a holiday abroad you may need to spend foreign currency for accommodation, tour arrangements, shopping, etc. An individual can draw foreign exchange up to $10,000 in a year for one or more private visits.
- Business trip: If you have to go abroad for business, attend a conference or special training the limit of foreign exchange is up to $25,000. You can either request for funds from your bank or choose a private money exchanger.
- Education: $100,000 equivalent can be drawn per academic year for studying abroad. It may cover all expenses related to education that includes tuition fees, admission fees and purchase of study material. If further funds are needed an estimate from the study institute has to be produced in the concerned bank.
- Medical Treatment: For medical treatment, the set limit is up to $100,000 based on the self-declaration of essential details. If the individual wishes to take money over prescribed limits an estimate of doctor or hospital has to be provided.
- Employment and Emigration: RBI has allowed drawing up to $100,000 for taking up employment in a foreign land or to emigrate to another country. For emigration, a self-declaration is required or an amount prescribed by the country of immigration.
So, whatever is your purpose of travel by being aware of the limits you can plan your trip accordingly. You can purchase the foreign currency from any authorized dealer such as banks which deal in foreign currency. Money changers also provide money for business and private visits at competitive rates.