Fema act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 April 2012
One of the assessee is going to Dubai for the personal trip so how much cash can he carry along with him.
As on the India's Airport it is mentioned that the a person can carry 7,000/- but have not mentioned that is it Indian Rs or $ as it has been observed that a person going for a personal trip a person can carry an amount equivalent to 10,000$.
Kindly advise with relevant reference of the FEMA act.
As on the India's Airport it is mentioned that the a person can carry 7,000/- but have not mentioned that is it Indian Rs or $ as it has been observed that a person going for a personal trip a person can carry an amount equivalent to 10,000$.
Kindly advise with relevant reference of the FEMA act.
CA PARAS BAFNA
(Expert)
14 April 2012
The prescribed limit of US $10000/- is the aggregate limit for visits in a Financial Year. Keeping in mind, the present requirement and the prospective tours in the current FY,he should decide himself.
.
(Humour)
Tell him to bring an LCD/LED for we people also if he is returning back before IPL gets over.
.
.
(Humour)
Tell him to bring an LCD/LED for we people also if he is returning back before IPL gets over.
.
16 April 2012
According to the Indian customs regulation:
Any person can bring into India from a place outside India foreign exchange without any limit. However, declaration of foreign exchange/currency is required to be made in the prescribed Currency Declaration Form in the following cases:-
1. Where the value of foreign currency notes exceeds US$ 5000/- or equivalent
2. Where the aggregate value of foreign exchange (in the form of currency notes, bank notes, traveler cheques etc.) exceeds US$ 10,000/- or its equivalent
Any person can bring into India from a place outside India foreign exchange without any limit. However, declaration of foreign exchange/currency is required to be made in the prescribed Currency Declaration Form in the following cases:-
1. Where the value of foreign currency notes exceeds US$ 5000/- or equivalent
2. Where the aggregate value of foreign exchange (in the form of currency notes, bank notes, traveler cheques etc.) exceeds US$ 10,000/- or its equivalent
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