Q655. Convert foreign currency to Indian Rupees on arrival in India . . .
Question: I'm an Indian student, currently completed my six months of stay in Australia and returning to Mumbai.
Why to declare foreign currency and get currency declaration form at Customs counter ? If I declare, then I'm forced to get it
converted all my foreign currency into INR at airport ?
I don't want to get it converted and open FCNR deposit.
Please clarify.
Regards,
Srini
Answer: Foreign currency declaration on arrival at Indian airports is required only in one of the two conditions mentioned below: 1. If the incoming passenger has in his/her possession foreign currency notes exceeding the equivalent of 5000/- United States Dollars. Or 2. The total value of the foreign currency notes, bank drafts, travelers Cheques etc. exceed the equivalent of 10,000/- US dollars. Furthermore, those who do declare their currency by filling the required Currency Declaration Form (CDF) are not required to convert their money at the airport. So if you have to declare the currency you are taking into India, you need not worry about being forced to convert the money to Indian Rupees at the airport on arrival. If you look at the CDF form carefully, you will see exactly what the current rules are. The CDF form very clearly provides information on when a CDF form is required to be filled, as well as how foreign exchange currency brought into India can be taken back when the passenger leaves India. To see a sample of the CDF form click HERE. If you are an Indian citizen who is returning for permanent settlement in India, and have no intention of going back to Australia, you may have to opt for a Resident Foreign Currency (RFC) - Domestic bank account to keep your foreign exchange in India.
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional
accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been
stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail.
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Q655. Convert foreign currency to
Indian Rupees on arrival in India
Question: I'm an Indian student, currently completed my six months of stay in Australia and returning to Mumbai. Why to declare foreign currency and get currency declaration form at Customs counter ? If I declare, then I'm forced to get it converted all my foreign currency into INR at airport ? I don't want to get it converted and open FCNR deposit. Please clarify. Regards, Srini Answer: Foreign currency declaration on arrival at Indian airports is required only in one of the two conditions mentioned below: 1. If the incoming passenger has in his/her possession foreign currency notes exceeding the equivalent of 5000/- United States Dollars. Or 2. The total value of the foreign currency notes, bank drafts, travelers Cheques etc. exceed the equivalent of 10,000/- US dollars. Furthermore, those who do declare their currency by filling the required Currency Declaration Form (CDF) are not required to convert their money at the airport. So if you have to declare the currency you are taking into India, you need not worry about being forced to convert the money to Indian Rupees at the airport on arrival. If you look at the CDF form carefully, you will see exactly what the current rules are. The CDF form very clearly provides information on when a CDF form is required to be filled, as well as how foreign exchange currency brought into India can be taken back when the passenger leaves India. To see a sample of the CDF form click HERE. If you are an Indian citizen who is returning for permanent settlement in India, and have no intention of going back to Australia, you may have to opt for a Resident Foreign Currency (RFC) - Domestic bank account to keep your foreign exchange in India.
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RI Information
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educating and connecting Indians across the globe
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