Protected Currency Document For Free

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.

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.

This fee is charged by many credit card issuers, typically ranging from 1% to 3% of the transaction. The foreign transaction fee consists of two parts: Network fee (or currency conversion fee): This part of the FX fee is charged by the credit card network (Visa or Mastercard, for example).

Copies of a valid Passport, Confirmed air ticket, Visa (mandatory for some countries) and PAN card (if needed by money changer) are required for buying foreign currency.

Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April ? March) for any permissible current or capital account transaction or a combination of both.

Currency exchange of physical money (coins and paper bills) is usually done over the counter at a teller station, which can be found in various places such as airports, banks, hotels, and resorts. Currency exchanges make money by charging a nominal fee and through the bid-ask spread in a currency.

Under the LRS Scheme, resident individuals are permitted to remit up to USD 2,50,000 per financial year (?LRS Limit?) for any permitted current or capital account transaction (subject to certain conditions). Any additional remittance in excess of the LRS Limit requires prior approval of the RBI.