RBI increases cash limit for foreign travel

The Reserve Bank of India on Wednesday enhanced the cash limit of foreign exchange to be released to travellers going abroad to $3,000 (Rs 135,000) from $2,000 (Rs 90,000) or its equivalent without the RBI’s permission.

Now you can carry extra cash while travelling abroad.

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The Reserve Bank of India (RBI) on Wednesday enhanced the cash limit of foreign exchange to be released to travellers going abroad to $3,000 (Rs 135,000) from $2,000 (Rs 90,000) or its equivalent without the RBI’s permission.

These provisions will not apply to persons going to Iraq, Libya, Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States.

While the annual limit on foreign travel remains unchanged at $10,000 (for a private or leisure trip) and at $25,000 for a business trip, the amount of cash that one can carry under that limit has gone up from $2,000 to $3,000.

“The existing limits have been reviewed and it has been decided to increase this ceiling, with immediate effect, to $ 3,000 to the travellers proceeding to these countries, without the prior permission from the RBI,” said the RBI notification.

“This will give additional leverage to people as they prefer to carry cash. The remaining portion of the annual limit can be carried in the form of travellers cheque or forex card,” said the head of retail forex at a private bank.

The limit that can be carried as cash stands unaltered at $5,000 for travelling to Iraq and Libya while the full portion of the annual limit may be released to travellers going to the Islamic Republic of Iran, Russian Federation and other Republics of CIS.