After 2 years of covid restrictions, international travel has resumed. People are flocking to different countries to explore. The lifting of travel air bubbles has caused an increase in tourists traveling to desired foreign destinations. Do you know how much money you can make by traveling to foreign destinations? There are some basic instructions set by the Reserve Bank of India under the Liberalized Remittances Scheme (LRS) that all Indians must follow. Indians can freely withdraw up to $ 250,000 (approximately ₹ 1.80 crore) per fiscal year for any authorized overseas transactions.
How much cash can you bring?
Travelers can purchase foreign currency notes / coins for as little as $ 3,000 per visit. The amount can be transmitted in the form of business value cards, traveler’s checks or banker’s drafts.
There are some exceptions
Individuals traveling to the Islamic Republic of Iran, the Russian Federation and other Commonwealth Republics can carry (up to $ 250,000) in the form of foreign currency notes or coins. For travelers participating in the Haj / Umrah pilgrimage, they can carry up to the full amount of ($ 250,000) in cash as specified by the Haj Committee of India.
Travelers to Iraq and Libya can purchase up to $ 5,000 foreign currency notes and coins.
How much Indian money can be brought back to India?
Indians traveling on a temporary visit can bring round trip tickets up to a specified amount, not exceeding ₹ 25,000. There is no such cash limit when traveling, as long as there is a proper explanation from its source to the income tax department.
