Yes. Santamonica Global forex is a FFMC Licence Holder of Reserve Bank of India
(RBI), the apex bank controlling by foreign exchage transaction in India.
Resident Indian can carry USD 3000 equivelent Foreign currency while travel abroad
expect Nepal and Bhutan. .For travelling to Iraq, Libya its allowed to draw foreign
exchange not exceeding US$ 5000 or its equivalent. Travellers proceeding to the
Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth
of Independent States can draw entire foreign exchange in the form of foreign currency
notes or coins.
• Original and valid passport. • Valid visa for the country of travel • Confirmed
ticket-showing travel within 60 days of taking foreign exchange.
equivalent USD 2,50,000
• GIC means Guaranteed Investment Certificate. • GIC payments are being sent to
Canada by students who go for their education.
An Indian bank holds a foreign currency account in foreign bank.
No, The total amount of foreign exchange purchased or remitted through, all sources
in India during a financial year should be within the cumulative limit of USD 2,50,000.
Yes, PAN Number is mandatory.
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)
The Office of Foreign Assets Control administers and enforces economic sanctions
programs primarily against countries and groups of individuals, such as terrorists
and narcotics traffickers. If any details such as Remitter name or address, Beneficiary
name or address, Beneficiary country, bank, place, etc. matching to suspect list
the OFAC agency will hold the fund (cannot be recalled also) until investigation
complete against the remittance.
• Nostro charge: Based on the currency and Nostro bank. • Conversion charge if conversion
is required, it will be as per the foreign bank Policy and rates. • Amendment charge
if any details amendment is required. • Return charge if fund is returned due to
any of the reason.
All foreign currency conversion transactions will be subject to prevalent GST rates
of the Government of India with effect from 01 July 2017. Value of service in case
of purchase/sale of foreign currency to be determined per table below on which GST
18% be applicable. However, such transactions amongst banks or authorised dealers
or between banks and dealers are exempted and not liable to GST. • USD 3000 is sold
to a customer at the rate Rs. 65 per USD. The gross amount of currency exchanged
is Rs. 1,95,000/- Taxable value of supply = Rs. 1,000 + [(1,95,000-1,00,000)*0.5%]
= Rs. 1,475/- GST payable = Rs. 1475 * 18% = Rs. 265.50/- • USD 20000 TC is sold
to a customer at the rate Rs. 65 per USD. The gross amount of currency exchanged
is Rs. 13,00,000/- Taxable value of supply = Rs. 5500 + [(13,00,000-10,00,000)*0.1%]
= Rs. 5,800/- GST payable = Rs. 5800 * 18% = Rs. 1,044/-
Up to US$ 250,000 per year, irrespective of period of stay and number of times in
a financial year.
It’s not allowed, upto USD 3,000 in Currency notes per visit are allowed. Balance
amount can be carried in the form of Travel Cards or Travellers Cheques.
A person coming into India should declare the FC/TC he/she possess to the Customs
Authorities at the Airport on arrival. The form used for such declaration is known
as Currency Declaration Form (CDF).
USD 5,000 equivalent for FC and USD 10,000 equivalent for FC and TC put together.
3000 USD equivalent
1000 USD equivalent
Santamonica Global forex is a FFMC Licence Holder of Reserve Bank of India (RBI), the apex bank controlling by foreign exchage transaction in India.