You can bring into India foreign exchange without any limit. If, however, the value of foreign currency in cash exceeds US$ 5,000 and/or the cash plus TCs exceed US$ 10,000 it should be declared to the customs authorities at the airport in the currency declaration form (CDF), on arrival in India.
Who can open a foreign currency account in India?
- A person resident in India may open, hold and maintain with an authorised dealer in India, a Foreign Currency Account to be known as Exchange Earner's Foreign Currency (EEFC) Account, subject to the terms and conditions of the Exchange Earners' Foreign Currency Account Scheme specified in the Schedule.
What are the features of forex market in India?
- There are several features of Indian forex market which, even if well known, require to be recalled comprehensively. Participants The foreign exchange market in India comprises of customers, Authorised Dealers (ADs) in foreign exchange and Reserve Bank of India. The ADs are essentially banks authorised by RBI to do foreign exchange business.
What is exchange earner's foreign currency account scheme?
- A person resident in India may open, hold and maintain with an authorised dealer in India, a Foreign Currency Account to be known as Exchange Earner's Foreign Currency (EEFC) Account, subject to the terms and conditions of the Exchange Earners' Foreign Currency Account Scheme specified in the Schedule.
Why are forex reserves important for India?
- Statistical Analysis Of Trends In Forex Reserves In India Foreign currency reserves are crucial to a nation's economic welfare. Without sufficient reserves, an economy can crush to a halt. The country may be incapable to pay for essential imports like crude oil, or service its external debt.