Foreign Exchange FAQs

How much foreign exchange can I buy when traveling abroad on private visits?


For private visits abroad, other than to Nepal and Bhutan, you can buy foreign exchange up to an aggregate amount of USD 2,50,000 per financial year, irrespective of the number of visits undertaken during the year. All tour related expenses including cost of rail/road/water transportation; cost of Euro Rail; passes/tickets, etc. outside India; and overseas hotel/lodging expenses shall be subsumed under the limit of Liberalised Remittance Scheme (LRS). No foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.

How much foreign exchange can I avail for a business trip?


For business trips to foreign countries, resident individuals/ individuals having Proprietorship Firms can avail of foreign exchange up to USD 2,50,000 in a financial year, irrespective of the number of visits undertaken during the year.

How much foreign currency notes can I take while buying foreign exchange for travel abroad?


Travellers going to all countries other than (a) and (b) as mentioned below are allowed to purchase foreign currency notes only up to USD 3,000 per visit or it’s equivalent. The balance amount can be carried in the form of Travel Card or Travellers cheques.

Exceptions to this are

  1. Travellers proceeding to Iraq and Libya who can draw foreign exchange in the form of foreign currency notes not exceeding USD 5,000 or it’s equivalent per visit

     

  2. Travellers proceeding to the Islamic Republic of Iran, Russia Federation and other Republics of Commonwealth of Independent States who can draw entire foreign exchange (up to USD 2,50,000) in the form of foreign currency notes or coins

For travellers proceeding for Haj/Umrah pilgrimage, the full amount of BTQ entitlement in cash or up to the cash limit as specified by the Haj Committee of India, may be released by the bank.

How much foreign exchange can I draw for medical treatment abroad?


You can avail foreign exchange up to USD 2,50,000 or it’s equivalent for medical treatment abroad on a Self-Declaration basis in Form A2 and ‘Application cum declaration for purchase of foreign exchange under LRS of USD 2,50,000, without any estimate from a hospital/doctor in India/abroad.

However, in case the foreign exchange exceeds the above limit, the request needs to be supported by an estimate from a hospital/doctor in India/abroad.

Further, additionally an amount up to USD 2,50,000 per financial year is allowed to a person for accompanying as an attendant to a patient going abroad for medical treatment/check-up.

How much foreign exchange is available for studies abroad?


You can avail up to USD 2,50,000 or it’s equivalent (within the limit of LRS) for the purpose of education abroad.

How much foreign exchange can be availed if I am going abroad for employment?


A person going abroad for employment can draw foreign exchange up to USD 2,50,000 per financial year.

How much foreign exchange is available to a person migrating abroad?


A person emigrating abroad can draw foreign exchange up to the amount prescribed by the country of emigration or USD 2,50,000. This amount is only to meet the incidental expenses in the country of emigration.

How many days in advance can I buy foreign exchange for a travel abroad?


Foreign exchange can be bought 60 days in advance from the proposed date of travel.

I do not have an ICICI Bank Account. Can I buy forex from an ICICI Bank branch?


Yes, we issue forex to Non ICICI Bank Account holders. However, only account holders can buy forex online. Kindly ensure you have the relevant documents ready before visiting the branch. Click here to know more

How much foreign exchange can I bring in while visiting India?


A person coming to India from abroad can bring with him foreign exchange without any limit. However, if the aggregate value of the foreign exchange in the form of currency notes, bank notes or travellers cheques brought in exceeds USD 10,000 or it’s equivalent and/or the value of foreign currency alone exceeds USD 5,000 or it’s equivalent, it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.

What if I have already made certain remittances in a financial year under the limit of LRS (USD 2,50,000) then what will be the limit applicable for purchase of foreign exchange for the purpose of private visit, education etc.?


If you have already remitted any amount under the LRS in a financial year, then the applicable limit for travelling purpose for you would be reduced from USD 2,50,000 by the amount remitted.

Note - In case you have any further forex related queries, please contact our nearest branch offering forex services.


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