What changed
The ceiling for selling foreign currency notes and coins to travellers proceeding to countries other than Iraq, Libya, Iran, Russia, and CIS republics was raised from USD 2,000 to USD 3,000. This applies to Authorised Dealers and Full Fledged Money Changers without prior RBI permission.
What it means for you
Banks and money changers can now sell up to USD 3,000 in cash per traveller for most destinations, up from USD 2,000, easing cash availability for outbound travellers. Limits for Iraq/Libya (USD 5,000) and Iran/Russia/CIS (full amount) remain unchanged.
What you must do
- Update internal systems and teller limits to reflect the new USD 3,000 cash ceiling for general travel destinations.
- Brief forex staff on the revised limits and ensure compliance with unchanged higher limits for Iraq, Libya, Iran, Russia, and CIS.
- Inform customers and constituents about the increased cash component for foreign travel.
Who it affects
Authorised Dealers in foreign exchange, Full Fledged Money Changers, Travellers to countries other than Iraq, Libya, Iran, Russia, and CIS republics
What is the new limit for foreign currency notes and coins for travel to most countries?
The limit has been increased from USD 2,000 to USD 3,000 per traveller, effective immediately.
Are there any countries with different limits?
Yes, for Iraq and Libya the limit remains USD 5,000, and for Iran, Russia, and CIS republics, full foreign exchange can be released in cash.