Rupees with NRIs outside India
Pls pass this to RBI.
We are an NRI staying outside India.
My family travel to India often and over the years we accumulated Rs65,000 (last count yesterday) as loose cash.
We have no plans to travel to India just yet.
We cannot courier cash to India to be banked-in.
Can overseas Indian banks pls assist to collect the cash & bank it into our NRE/NRO account.
Please flash in newspapers & TV so we know , else will flush the money in toilet. more
I have posted a pdf file received from the bank on instructions how to deposit currency notes in NRO accounts - please see that more
I hope Mayur ji and every NRI will read Raja ji response and stop crying in converting their money carried by them abroad flouting the regulations. They can easily deposit this money in their account for which RBI will come out some procedures in due course of time and pay taxes if the amount deposited is more than that allowed by the law. more
What is the Indian customs limit on the amount of cash that I can carry from USA to India? 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
I think Indian banks in overseas are accepting Indian currency. Pl. check again (ICICI, BOB, SBI, BOI etc.) more
This matter has been raised with MEA leadership. They have advised that RBI or Ministry of Finance will be coming out with an advisory. more