Every country have certain sets of rules regarding carry of currency especially when someone is taking the currency out of the country. Today article will examine the custom rules which every Indian or foreigner must take it to consideration while travelling in or out of the India with currency of high amount.
Related to the ban on higher denomination currencies Those residing inside the India may exchange the notes or deposit them in bank while they don’t have to travel much but NRIs have to do more they have to make trip to India for exchanging notes or give them someone else who can exchange the notes for them while travelling to India.
Well in above cases we need information regarding rules and regulations of Indian Customs rules, you can get info from government custom officers or from RBI and customs website but usually gov officers are not helping and website always gives outdated information.
There is lot of confusion amount Indian citizens as well as those visiting India, In 2013 the Indian government set limit to import and export of Indian currency, but the information is given only one time when announced but after that when any person really want to import or export his own currency have blurred information.
There are two situation having different rule first a person who is taking Indian Currency out of India and second who is taking Indian Currency In to India Lets see both of them.
Taking Indian Currency In to India:
If any person want to bring Indian Currency in to India than according to rules of reserve bank of India, passengers can carry Indian Rupees up to 25,000 but this limit is not set for Pakistani and Bangladeshi Citizens.
If you have currency more than 25,000 you need to exchange it to another currency at airport so that you can take it in.
Taking Indian Currency Out of India:
If a person currently residing in India and want to take Indian Currency out of India than he can take Indian currency not more than 25,000 but this limit is not for taking currency to Nepal and Bhutan.
While Pakistani and Bangladeshi Residents visiting India also did not take amount of indian currency more than 25,000 Rupees.
How UK Residents Can Exchange the Old 500 and 1000 Notes:
As you know than from November 2016 Indian government scraps the big not of indian currecny that are 500 and 1000 Using these notes is illegal.
But those who travels to indian sometime and have these notes can exchange them by April 1st 2017. After April it is considered as crime to carry these notes.
These new 100 and 500 notes can only be exchanged from Indian Central Bank, there are some branches of Indian Central Bank is here in UK. However according to analysts it is better not to exchange them from here but by giving them to any visitor to India or travel to India in order to exchange the notes.
Taking Foreign Currency In to or out of India:
There is no limit on bringing foreign currency into India, you can import as much as foreign currency without hesitation but there are some rules:
The traveler don’t need to declare foreign currency if it is less than 5000 USD or equivalent. But if the amount is more than 5000 usd than it should be declare by filling CDF.
But suppose you have currency equivalent to 3000 USD but you have cheques. Than the combination of all the bank notes cash and cheque should not exceed USD 10,000.
In both of above cases you need to fill currency declaration form(CDF). The limit is some for if a traveler is carrying currency out of India.