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How much foreign currency can I keep in India?

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How much foreign currency can I keep in India?

You can indefinitely retain foreign exchange upto US$ 2,000, in the form of foreign currency notes or travellers’ cheques (TCs) for future use. Any foreign exchange in cash in excess of this sum, is required to be surrendered to a bank within 90 days and TCs within 180 days of return.

Is keeping foreign currency illegal in India?

It is legal to keep the foreign currency but the catch is that there are certain rules set against holding a foreign currency for long. It is never too late to return your leftover foreign currency, be it foreign currency notes or FCDD / Foreign currency demand draft.

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Are you allowed to keep foreign currency?

A traveller is allowed to declare and carry a maximum of R25 000/unlimited foreign currency, whether leaving or entering. The South African bank notes is unlimited if the traveller is going to / coming from a country within the Common Monetary Area (CMA).

How much cash can you legally keep at home India?

Cash Transaction Limit – Section 269ST Section 269ST imposed restriction on a cash transaction and limited it to Rs. 2 Lakhs per day. Section 269ST states that no person shall receive an amount of Rs 2 Lakh or more: In aggregate from a person in a day; or.

How long can you keep foreign currency?

According to Foreign Exchange Management act, 2000, you must surrender the unused foreign exchange within 180 days of your return from abroad. However, if you so desire you can keep foreign exchange up to USD 2,000 in your Resident Foreign Currency (Domestic) or RFC (Domestic)Accounts .

How much cash can I keep at home in India?

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How do I deposit foreign currency into my bank account?

How to Deposit Foreign Currency Into a Bank Account

  1. Find a place to convert your foreign currency to U.S. dollars.
  2. Sell your foreign currency to the buyer of your choice.
  3. Deposit your dollars to the bank account of your choice.

Is keeping cash illegal?

It’s not illegal to keep plenty of cash at home. There’s no limit as to the amount you can keep at home. However, the police may consider this unusual and may think that you’re doing some suspicious activities. You may have to explain yourself in case the authorities ask you about it.

What is the maximum amount of money you can have in a bank account in India?

1] Savings/Current account: For an individual, the cash deposit limit in savings account is ₹1 lakh. If a savings account holder deposits more than ₹1 lakh in one’s savings account, then the income tax department may send income tax notice.

Where can I store foreign currency?

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Secure the currency in an envelope or box inside an in-home safe if you have a large amount of currency. This is the best way to store it if you intend to use it in the near future, since it is easily accessible. Purchase a safe deposit box at your bank and place your foreign currency inside.

What can I do with unused foreign currency?

Here’s What You Can Do with Leftover Foreign Currency

  1. Using it to Pay Part of Your Hotel Bill on Vacation.
  2. Shopping Duty Free.
  3. Donating to Charity.
  4. Exchanging It.
  5. Saving it For Another Time.
  6. Exchanging it for Bitcoin (or Another Cryptocurrency)
  7. Regift Leftover Coins as a Quirky Souvenir.
  8. Using SoFi Money®

How much money can be kept in a bank account in India?

The cash deposit limit on savings accounts is ₹1 lakh. Depositing more than ₹1 lakh in a savings account may attract the attention of the IT department. There are also certain savings account withdrawal limits that you should know.