Forex (Foreign Exchange) Limits while Emigrating from India

For all those Indians planning to Immigrate to other developed nations, foreign exchange is one aspect that you should be aware of. This is especially important since majority of the immigration destinations require the successful applicants to carry a minimum amount of settlement funds for the initial phase of their settlement. Hence, you have to ensure that you have the sufficient funds to support self and dependents (if any).

In order to immigrate to a new country, you would need to exchange your money with the relevant currency of the country. For this, the RBI offers guidelines that regulate Foreign Exchange transaction from and into India.

For successful immigrant visa holders, RBI permits maximum foreign exchange per person is US $100,000.00 per calendar year. The supporting documentation should include the application form, Form A2 along with a Self – Declaration. This holds same for a Skilled Migrant Visa and a Student Visa. Thus a typical family of four can carry as much as USD 400,000 against their immigrant visas.

However, incase of a Visit Visa, an applicant can take forex up to beyond US $10,000 per financial year. For Business travel, this amount varies with the limit being US $25,000 per Trip per person. Here the relevant supporting documentation includes the following:

  • Application form
  • Letter of Authorization from the Company
  • A statement from the company certifying that the employee is sent on a business purpose along with the details of boarding and lodging.

Source: http://www.hdfcbank.com/personal/forex/forex_limits.htm

To know more, it is best advised to contact an immigration specialist to would be in a better position to guide you further.

For More Information, Visit : http://www.abhinav.com

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5 comments

  • I am immigrating to australia. I need to carry fund in the form of a dd. we are a family of four-2 adults and 2 children. Please guide what is the limit of money that I can carry for kids. I have to make DD in either my name or my husbands name. Is it possible to include kids money also in this DD.

    Thanks

  • O.P.CHANDNA

    PLEASE CLARIFY AS TO WHETHER THE LIMIT OF FOREIGN EXCHANGE OF US#100000 FOR IMMIGRANT IS ONE TIME OR ONE CAN USE THIS LIMIT OVER A PERIOD OF 2-3 VISTS.

  • Sir, overall you need to stay in Canada for 2 out of 5 years from the date of issuance of PR card to meet the residency requirement. This stay may not be at a stretch and is cumulative number of years that you should stay physically in Canada.

  • subhash

    I am residing at Toronto with my wife& single mother daughter;I do not work.I am retired person age 69 & above.
    I have got immigration recently & Landed in Canada in Jan.2010.I have some obligations in my home country at India, to maintain my personal expenses to pull on the balance life.some times I may have to stay in India alone.
    I want to know the rules of Permanent resident card.Some times my daughter says that maximum six months I can stay out of Canada.I am confused & eager to know the proper rules of PR Card.I do not want to stay or more then six months,but some time it may happen to stay more for completing my ruttin
    property matters, or matters of savings which I have saved during my whole life.

    I do not know much English & I may have done mistakes in writing this comments,pl ignore & advise me for proper rules.

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