RBI revised cash limit for foreign travel

The Reserve Bank of India (RBI) has revised forex rules. Now travelers going abroad can take up to USD 3,000 or its equivalent amount in other currencies from Forex dealers and don’t need to take prior permission from RBI. The revised rules will be applicable with immediate effect, according to RBI notification.

But the revised ceiling will not be applicable to persons going to certain specified countries like Iraq, Libya, Iran, Russia and the Commonwealth of Independent States (CIS) countries. The notification further said the travelers going to Libya or Iraq will continue to get up to USD 5,000 or its equivalent in other currencies and no changes have been made in the provisions for travelers to Iran, Russia and CIS countries. Also forex dealers and money exchangers have been given permission to sell foreign exchange in other currencies other than American Dollar up to USD 3,000.