How Much Money Can You Carry From India to Study Abroad

How Much Cash Can You Carry When Going Abroad?

The Reserve Bank of India (RBI) has issued specific guidelines related to carrying cash when going abroad. For the students, relevant limits include:

• Foreign Currency Notes or Coins: Up to USD 3,000 (or its equivalent) can be carried in the form of foreign currency notes or coins while travelling abroad.
• Prepaid Forex Cards, Traveler’s Cheques, and Bank Drafts: There is no specific limit mentioned by the RBI for the amount that can be carried in the form of prepaid Forex cards, traveller’s cheques, or bank drafts. These forms are generally considered safer and more convenient than carrying large amounts of cash.
• Overall Foreign Exchange Limit: Under the Liberalized Remittance Scheme (LRS), a resident individual, including students, can remit up to USD 250,000 (or its equivalent) per financial year for permissible current or capital account transactions, which includes education-related expenses.

It is advisable for students to always check the guidelines of the country they are travelling to for studies, as different countries may have their own limits and regulations regarding currency exchange and carrying cash.  

 

How Much CAD Should I Carry from India to Canada?

When travelling from India to Canada, you can carry any amount of Canadian dollars (CAD) in cash. 

However, as per India’s regulations, If you are carrying foreign currency in excess of USD 5,000 or its equivalent, or if the total amount of foreign currency plus Indian currency exceeds USD 10,000 (or its equivalent), you need to declare it to customs authorities in India.

How Much INR Can I Carry from India to USA?

As per the regulations set by the Reserve Bank of India (RBI), an individual travelling from India to USA can carry up to ₹25,000 (INR) in cash. 

However, there is no limit on the amount of foreign currency that can be taken out of India but amounts exceeding USD 5,000 in cash or USD 10,000 in currency notes, traveller’s cheques, or other monetary instruments must be declared to customs authorities. 

When it comes to declaration, ensure you have all necessary documentation, such as your passport, flight tickets, and proof of the source of funds, to support your declaration.

It’s advisable to check the latest guidelines and regulations from official sources or consult with your airline or travel agent for any updates or changes in the rules.

How Much Forex Can You Carry When Going Abroad?

The Reserve Bank of India has prescribed a set of guidelines for the amount of foreign exchange or forex that you can carry when going abroad. The following points merit consideration in this aspect:

• Under the Liberalized Remittance Scheme (LRS), you can remit a maximum of USD 2,50,000 in a financial year, including travel abroad. 
• You can carry a maximum of USD 3,000, or its equivalent in other currencies in cash for a single trip. 
• If you wish to carry any amount in excess of the limit of USD 3,000, it can be carried in the form of traveller’s cheques, foreign currency notes, or other approved instruments.
• If you are carrying foreign currency in excess of USD 5,000 in cash or USD 10,000 in cash and traveler’s cheques combined, you must declare it to the customs authorities in India at the airport using the Currency Declaration Form (CDF).

Also Read : How to Get an Education Loan without Collateral

Purchasing Foreign Exchange

Purchasing foreign exchange refers to the process of buying foreign currency or instruments denominated in foreign currency for various purposes, such as travel, education, business, investment, or other international transactions. You can purchase foreign currency by exchanging Indian rupees.

Students going abroad for studies may need to purchase foreign exchange to pay for tuition fees, accommodation, and other expenses.

 

Latest Statistics and Data

To understand the limits set by RBI related to foreign currency that you can carry while going abroad, head to the following table:

Purpose	Limit	Remarks
Cash (Currency Notes)	Up to USD 3,000 (or its equivalent in other currencies) per trip	Any amount exceeding this limit must be carried in other forms like traveller’s cheques or forex cards.
Total Foreign Exchange	Up to USD 250,000 per financial year under the Liberalized Remittance Scheme (LRS)	This limit includes all permissible current or capital account transactions.
Cash Limit for Purchase	Below Rs. 50,000	Purchase should be from authorised entity only
Currency Declaration Form (CDF)	Must be filled if carrying foreign currency notes exceeding USD 5,000 or foreign exchange (currency notes + traveller’s cheques) exceeding USD 10,000	Declaration to be made to the customs authorities at the airport in India.

It is always advisable to check with authorised dealers or the latest RBI guidelines before travelling, as these regulations may be subject to change.

Going Abroad for Further Studies?

In India, the Liberalized Remittance Scheme (LRS) governs the limits for foreign exchange transactions, including those for studying abroad. 

• As of now, under the LRS, an individual can remit up to USD 250,000 per financial year (April to March) for permitted current and capital account transactions, including expenses related to studies abroad.
• This limit includes tuition fees, accommodation expenses, and other related costs. If the required amount exceeds this limit, permission from the Reserve Bank of India (RBI) will be necessary.
• It’s advisable to check with your bank or financial advisor for the most current information, as regulations may change.

Also Read : How to Send Money From India to Philippines

Prepare the Following Documents for Money Exchange in India

To exchange money in India, you typically need to provide the following documents:

• Valid Passport: For identity and verification purposes.
• Visa: Proof of your visa or travel plans (if applicable).
• Confirmed Air Ticket: To show proof of travel, especially for foreign exchange transactions related to tourism or business trips.
• Application Form: Completed and signed application form provided by the authorised money changer or bank.
• PAN Card: For transactions exceeding a certain amount (usually INR 50,000).
• Student ID/Admission Letter: For students going abroad, an admission letter from a foreign institution and a student ID may be required.
• Purpose of Travel: You may need to declare the purpose of your travel (tourism, business, education, etc.).
• Aadhar Card: Sometimes required for identity verification purposes.

It’s always a good idea to check with the specific bank or authorised money changer for any additional or updated requirements.

Also Read : Study Abroad Loans: Education Loan to Study in Ireland

Conclusion

If you are travelling abroad for studies, always make sure that you carry enough amount of forex but under the limits prescribed by the Reserve Bank of India and LRS. if you need to carry any amount of money more than the prescribed amount, always declare it according to the defined procedure. By following these guidelines, you can ensure a smooth and hassle-free travel experience.

FAQ on How Much Money Can You Carry From India to Study Abroad

References

Reserve Bank of India| Miscellaneous forex facilities

https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=829#q3:~:text=and%20private%20visits.-,Q%203.%20How%20much%20foreign%20currency%20can%20be%20carried%20in%20cash%20for%20travel%20abroad%3F,-Ans.%20Travellers. Accessed 02nd July 2024

https://economictimes.indiatimes.com/nri/invest/carrying-cash-on-your-international-trip-know-legal-limits-exceptions-more/rbi-rules-for-foreign-trips/slideshow/109689543.cms. Accessed 02nd July 2024

https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=829.Accessed 02nd July 2024