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Even if you don't open a foreign bank account, these bank branches still might be able to exchange currency for you. If they are willing to do so you'll likely have to pay a fee, just as you would in the U.S. if you aren't a banking customer.

Documentation Required to Exchange Currency in India Passport. ID and address proof like PAN and Aadhaar (For Indian customers obtaining forex) Confirmed air ticket showing travel within 60 days. Valid Visa copy.

Foreign exchange is also important when a country is investing in another. If the US is investing in India, it has to invest in rupees. Such transactions create a demand for foreign exchange. This is why the foreign exchange market is important.

Federal law requires financial institutions to report currency (cash or coin) transactions over $10,000 conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day. These transactions are reported on Currency Transaction Reports (CTRs).

Every resident Indian needs to have KYC documents to purchase foreign currency in India as per RBI rules. Indian passport, valid visa (if applicable), confirmed air ticket (showing travel within 60 days), PAN card and a government-issued photo ID proof (Aadhaar, voter's ID or driving licence) are required.

You must express the amounts you report on your U.S. tax return in U.S. dollars. Therefore, you must translate foreign currency into U.S. dollars if you receive income or pay expenses in a foreign currency. In general, use the exchange rate prevailing (i.e., the spot rate) when you receive, pay or accrue the item.

The document currency is the currency of the transaction which depends on the structure of the transaction. In our example, we're legally obligated to pay 500 EUR. Thus our document currency is EUR. This currency is actually set on the document at the time of the transaction.

The Currency format aligns the dollar signs at the left edge of the number rather than the cell, and there is no extra space between the value and the right edge of the cell. Negative numbers are not displayed in parentheses, but they have a negative symbol, and zero values are displayed with an actual zero.

On the Home tab, click the Dialog Box Launcher next to Number. Tip: You can also press Ctrl+1 to open the Format Cells dialog box. In the Format Cells dialog box, in the Category list, click Currency or Accounting. In the Symbol box, click the currency symbol that you want.

In Excel, you can format numbers in cells for things like currency, percentages, decimals, dates, phone numbers, or social security numbers. Select a cell or a cell range.