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.
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