The limit is up to US$ 250,000 per person. If an individual remits any amount under the Liberalised Remittance Scheme (LRS) in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted. Of this, only USD 3000 cash is entitled to a traveller per trip and the remaining will be provided in the form of a Travel card only.

All types of travel and remittances abroad are now under RBI’s guidelines covering the Liberalized Remittance Scheme (LRS). If an individual has already remitted any amount under the Liberalized Remittance Scheme in a financial year, then the applicable limit for traveling purposes for such an individual would be reduced from USD 250,000 by the amount so remitted/utilized. No release of foreign exchange is admissible for any kind of travel to Nepal and Bhutan.

The following documents are required: 1. Original and valid passport (both front and back images) 2. Valid visa for the country of travel (except where VISA on arrival applies) 3. Confirmed ticket-showing travel within 60 days of taking foreign exchange. (With return ticket) 4. PAN of the passenger. 5. Passenger’s email id & mobile number

- For Travelers proceeding to Iraq or Libya exchange in the form of currency notes may be released up to a limit not exceeding US$ 5,000 or its equivalent per resident individual in a financial year (total USD 2,50,000).  - For Travelers proceeding to the Islamic Republic of Iran, the Russian Federation, and other Republics of the Commonwealth of Independent States, the entire exchange (USD 2,50,000) can be released in the form of currency notes.  - ForTravelers proceeding to Pakistan, Bangladesh, or Myanmar by land route are eligible for up to a limit of US$ 2,50,000 or its equivalent per resident individual in a calendar year. - For Airline staff, open tickets may be accepted. Proof of Airline staff will be required by the bank. - For travelers proceeding for Haj/ Umrah pilgrimage, the full amount of BTQ entitlement (USD 250, 000) in cash or up to the cash limit as specified by the Haj Committee of India, may be released by the ADs and FFMCs.

Yes, a resident Indian can hold foreign exchange saved from his/her previous trip and use it for subsequent travel. According to the Reserve Bank of India, individuals can hold foreign currency notes up to USD 2,000 or equivalent indefinitely for future use. If they possess more foreign exchange beyond this limit, they are required to deposit the unused forex within 180 days after returning to India.

Yes, most certainly. Unlike TDS, Tax Collected at Source (TCS) can be adjusted while filing tax returns.  Any TCS collected by the service provider will be reflected in Form 26AS. You can view your Form 26AS after logging into the Income Tax portal using your login credentials.

There is no limit on the amount of foreign exchange that can be brought into India. However, currency notes beyond USD 5000 (equivalent) and up to USD 10000 (total) need to be reported to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.