NRI having cash
Almost all Indians will have 5-50,000 cash with them.
We cannot afford to fly to India just to change or deposit in bank.
We NRIs request that the overseas branches (of PSU, private banks) be allowed to collect the rupees & deposit it into the NRO or NRE account.
The overseas Brs are controleld by the Authority there, so the role they play is not of money changer, but a POSTMAN, to transfer the cash to India to their headoffice who will credit the cash to the respective account holders.
If they cannot give proof of NRE transaction then deposit into NRO account.
Place a limit of say rs25,000 per person and must have a NRE/NRO account.
It is thus safe & no black money gets transferred. more
Import: Currency Regulations in India
Foreign Currency- There is no limit to bring foreign exchange in India from the US. However, the aggregate value of foreign currency notes in excess of USD 5000 or equivalent and the aggregate value of foreign exchange in the form of currency notes, bank notes or traveller’s cheques in excess of USD 10,000 or its equivalent must be declared to the customs.
The limit for foreign currency notes is USD 3,000 and must be declare by filing CDF (Currency Declaration Form) if it exceeds the limit.
Local Currency (INR) - Bringing INR from abroad is prohibited in India. But Indian residents can bring upto INR 7,500 per person.
Export: Currency Regulations in India
Foreign Currency- There is no limit to carry foreign exchange to the US. However, amounts exceeding USD 5,000 or equivalent and foreign exchange in the form of currency notes, bank notes or traveller’s cheques in exceeding USD 10,000 or its equivalent must be declared to the customs.
Local Currency (INR) - There is a limit of INR 7,500 per person for Indian residents to carry from India to US.Any person who resides outside India is allowed to take out of India, the unspent money bought by him/her. more