- Do you have a large sum of money as foreign currency notes held back for a long time?
Rates are low and I don’t want to convert foreign currency notes now, might be your answer. Sorry to update that such notes held back for long is not permissible.
2. Why I can’t hold foreign currency for long?
- Reserve Bank of India has set a limit of 180 days to return the foreign currency notes
- There are chances of notes getting stale or outdated
3. How much currency notes can I keep?
- Keep leftover foreign currency up to USD 2,000 as notes or traveler’s cheques
- You can keep up to USD 5000 in notes and USD 10000 in notes, coins, and traveler’s cheques once declared or intimated with a reason
4. Can I keep foreign notes at home?
You can keep foreign currency notes at home up to USD 2000 to be returned before the stipulated period.
5. What are the documents required to buy/sell foreign currency notes?
- Copy of any personal ID, self-attested with the date is the most essential like PAN card, Voter ID card, Passport, Driving license, Government ID card, Photo ration card, etc.
- Remember to put the date to avoid misuse of your KYC document.
6. What is the best time to sell foreign notes?
- Best time to exchange foreign currency largely depends on the rate movement.
7. What to do with the leftover foreign currency?
- Buy a rare souvenir for your loved ones
- Check the current exchange rates online and sell it when rates are good
8. How much foreign currency notes can I carry while traveling?
- USD 3,000 or equivalent can be carried in the form of currency notes,
9. How to identify fake currency notes
- Keep an eye on the watermark as the fake ones have a transparent look
- Figures in the note might not have alignment
- Check the broken printed lines and ink smudges
Always visit an authorized service provider to avoid all such hassles
How to exchange foreign currency?
- Try to analyze present currency rates by calling authorized dealers holding a licence from RBI
- Get your KYC documents ready before approaching the dealer as KYC is mandatory for such authenticated service providers
- Copy of any personal ID, self-attested with the date is the most essential, and remember to put the date to avoid misuse of your KYC document
- It is advisable to count your currency before submitting and count your exchanged currency before leaving the counter
