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Thursday, June 23, 2011

CURRENCY DECLARATION FORM (CDF) - How much foreign currencies a non resident can bring into India?

Non Resident in form of tourists or visitors or returning Non Resident Indians often wonder how much foreign currency are permitted to be brought into India. As per Foreign Exchange Management Act , which is regulated by RBI , there is absolutely no restriction  on the quantum of foreign exchanges which can be brought in India. However, there is one formality which every one carrying more than US Dollar or its equivalent in other currency or travelers cheque will have to do.

They will have to file the Currency Declaration Form (CDF) which is will be  duly certified by the customs department.

Every  traveler should retain it for following benefits proof of the money brought in India .

2.Your foreign dealer may ask for the proof that you brought in foreign currencies or traveler cheques when you want to convert in Indian rupees.

3.When you are going back, it will facilitate  reconversion of the unspent balance of Indian rupees into foreign currency and showing the balance amount as per CDF at the custom.

Here is the Rule 6 of Foreign exchange management (export and import of currency) regulations, 2000 which regulates forex movement in India.

A person may -
a. send into India without limit foreign exchange in any form other than currency notes, bank notes and travelers cheques ;
b. Export and Import of Currency bring into India from any place outside India without limit foreign exchange (other than unissued notes),
provided that bringing of foreign exchange into India under clause (b) shall be subject to the condition that such person makes, on arrival in India, a declaration to the Custom authorities in Currency Declaration Form (CDF) annexed to these Regulations;
provided further that it shall not be necessary to make such declaration where the aggregate value of the foreign exchange in the form of currency notes, bank notes or traveler cheques brought in by such person at any one time does not exceed US$10,000 ( US Dollars ten thousands) or its equivalent and/or the aggregate value of foreign currency notes brought in by such person at any one time does not exceed US$ 5,000 ( US Dollars five thousands) or its equivalent
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