Now that might sound alarming! It is legal to keep the leftover foreign currency but the catch is that there are certain rules set against holding a foreign currency for long. You might have traveled overseas and now after returning home, forgot to return the leftover currency or convert it to local currency. Hence it’s time to return it without delay. It is never too late to return your leftover foreign currency, be it foreign currency notes or FCDD / Foreign currency demand draft.
How much foreign currency can be held in India?
Any Indian resident can hold leftover foreign currency
- Not above USD 5000 in notes and coins
- Up to USD 10,000 in the form of traveler cheques, notes, and coins
How long can I hold foreign currency?
- Return leftover foreign currency before the completion of 180 days from overseas return.
- Keep leftover foreign currency up to USD 2,000 as Foreign Currency notes or traveler’s cheques
How much foreign currency can be brought back to India?
- No limit on bringing back the leftover currency from foreign countries
- You can bring more than USD 10,000 as foreign currency notes or travelers’ cheques
- Take an amount of USD 5000 as foreign currency with a CDF to be declared in the Airport to the Custom Authorities
What is the most demanded foreign currency to hold?
U.S. Dollar (USD), Swiss Franc (CHF), Canadian Dollar (CAD), European Euro (EUR), Australian/New Zealand Dollar, Japanese Yen (JPY), British Pound (GBP), South African Rand (ZAR) are some of the demanded currencies. There currencies are often highly valued and exchange it only when the rates are higher. Just keep checking the rates and also the days that you have been holding the leftover currency.
How to get better foreign currency rates?
- Make a study of the current foreign currency rate through online modes.
- Compare the currency rates with the authorized dealers before deciding.
- Try to analyze present currency rates by calling authorized dealers holding a license from RBI
- Usually authorized dealer to provide good rates and often safe to exchange with them
Here are some ideas for dealing with the leftover foreign currency:
- Don’t wait for the currency value to rise:
A few travellers play the waiting game to get a better exchange rate when the currency value increases. For example, if you travelled to the United States and bought US dollars, and now you’re back in India, you’d like Indian currency to depreciate against the US dollar to get more INR when you convert currencies. This tactic should be avoided at all costs because it can easily backfire. You should not be making forecasts if you are not a currency specialist, which many of us are not. We assume there was little currency volatility during your vacation. As a result, you’re not making much money/or losing money on the currency conversion.
- Use the funds on your forex/travel card to withdraw cash and sell foreign currency notes:
Many travellers prefer to use this simple technique of exchanging monies into local currency (Indian Rupee) and selling the remaining foreign currency notes. If you have foreign currency on a travel card, you can use the encashment option.Contact the firm that issued your travel card and ask for Indian rupees in exchange for the foreign currency on the card.If you want to sell your foreign currency notes, you can do it using our portal, Unimoni, which will provide you with the best exchange rates available. You can set it up.
You can place an order on our platform and complete the entire procedure from the comfort of your own home. Our forex expert will conduct you and exchange the foreign currency notes for Indian cash. The rates are displayed at the time of order placement.
- Hold the foreign money for your future trip:
If you travel for work or visit the same country regularly, you should save the money for your next trip. If you don’t think you’ll be seeing that country anytime soon, preserve the currency notes and utilize them on your future trip instead of cashing the forex card. If you stick to the RBI’s foreign currency holdings limit, you can store the foreign money on your next trip overseas.
- Keep a few foreign currency notes as a souvenir and give them to family/friends:
If you have extra money, keep a few currency notes as a souvenir. People who believe they will not return to the country can do so. You are welcome to keep the coins as a display piece. You might also give a few money notes to family or friends as a present. It would be a truly unique present.
What are the documents required to sell leftover foreign currency?
PAN card.
Voter ID card.
Passport.
Driving license.
Government ID card.
Photo ration card.
Who can be trusted for leftover foreign currency?
Fake currency dealers are hovering all over the marketplace, hence it is always advisable to rely on the tips below
- An authenticated license holder from the Reserve Bank of India is most recommended
- Always count the currency before leaving the counter
- These exchange offices provide the cheapest and best currency exchange rates
- It is often advisable to avoid currency exchange in airports during the last-minute rushes to catch the flight
- Check online for foreign currency exchange rates to know what are best rates available
Just a little bit of updating yourself with the information and guidelines to get good rates for your leftover currency.
