FAQ

The maximum limit for foreign currency for a leisure trip is USD 25, 00, 00 per traveler in a single financial year, as per regulations. However, only $3000 of that amount can be carried as currency notes – the balance has to be in the form of prepaid forex cards, Remittances or traveller’s cheques. No foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.

You will need a passport, a valid visa, and a confirmed air ticket.

For amounts up to Rs. 50,000, you can use any payment method including cash. If the total amount due exceeds Rs. 50,000, you are only allowed to pay using one of the following payment modes:

  • Net Banking
  • Personal Cheque (subject to clearance)
  • Pay Order (must accompany bank statement showing debit of this transaction)
  • Demand Draft (must accompany bank statement showing debit of this transaction)
  • RTGS/NEFT

In the event of cancellation of the journey, the foreign exchange drawn for this specific travel must be surrendered within 60 days from the date of its purchase.

Foreign Currency Traveller's Cheques are accepted worldwide in over 400,000 locations spread across 200 countries. They can either be encashed or used at exchange bureaus, banks, hotels, shops, restaurants and other establishments; thereby making your travel convenient and hassle-free.

Yes. When you return to India, you can encash any unused Foreign Currency Traveller’s Cheques issued by us.

Prepaid forex cards are Visa/ Mastercard cards and are accepted at most ATMs and stores/ hotels etc. abroad. Prepaid cards are the most recommended and the safest way of carrying currency.

  • US Dollar
  • British Pound
  • Euro
  • Japanese Yen
  • Australian Dollar
  • Canadian Dollar
  • Swiss Franc
  • Singapore Dollar
  • UAE Dirham
  • Swedish Krone
  • Hong Kong Dollar
  • Thai Baht

In general, forex cards issued by Axis Bank and HDFC Bank are valid for 5 years from the date of issue, while ICICI Bank forex cards are valid for 3 years from the date of issue.

Yes. You can buy foreign currency 45 days ahead of your date of travel.

You can carry foreign currency worth up to $3000 as cash. However, the best way to carry foreign currency is forex cards.

There is no validity period for Traveller’s Cheques – if unused, you can use them on your next trip abroad as well.

You need to make an FIR to the local police station immediately. Then, forward the FIR number to the issuer of the cheques – for example, AMEX – by calling the toll-free number on your PAF (Purchase Agreement Form).

Unused Foreign Currency Traveller’s Cheques should be surrendered within 45 days of your return to India.

We issue a bill of sale at the time of the exchange. In case of any doubt, you may note the currency number on that bill of sale.

Yes. We also provide a direct remittance service to the institute you are getting enrolled in.

For amounts up to USD 200, any form of ID will do. For amounts greater than USD 200, you will need either a passport (in case of NRIs/foreign visitors) or another Govt. issued photo ID such as driving license, voter’s card, etc.

If the amount exceeds USD 5,000 in cash or exceeds USD 10,000 in total, you will also need a Currency Declaration form.

A Forex card offers negligible or no transaction fee versus high Credit/Debit card transaction rates which can go up to 8.5%!

Please ask the merchant to ensure that he is swiping your card through a credit card terminal and not a debit card terminal. He also needs to ensure that the machine is online and connected. In case both these scenarios don’t work, please report it to us immediately.

You can block your card by logging into your account online, or by calling the card-issuing bank’s helpline directly.

Yes, you can retain the card if the leftover balance on card is less than USD 2000 or its equivalent. In case the balance exceeds this limit, per regulatory norms, you are required to surrender it in not more than 180 days of your return.

You can withdraw cash from any networked ATMs by paying a nominal charge. Kindly ensure that you select the type of Account as "Checking / Current" or "Credit”. The Savings option will not work for prepaid Forex Forex Card.

Yes you can check the balance in most ATMs abroad, and the figures will be reflected in local currency. Please note that this might incur a nominal fee. However, you can check your balance on your online account free of cost.

You will receive an order confirmation email & SMS through your registered email address and mobile number.

We provide doorstep delivery and you can also collect your currency notes from our nearest branch.

Just log in to your account at weizmannforex.com and you can see the details of your recent orders, as well as of previous orders.

You can email our customer support team at info@weizmannforex.com, or call us at 02246112500.

Yes, you can include multiple currencies and products in a single order - you just have to add them all to your cart and proceed as normal.

No, you can place an order for your required currency without registering. However, registration gives you access to rate alerts, order history and order status, among other exclusive features.

Orders received prior to 3.00 pm are delivered on the same business day. Any order received after 3.00 pm may still be delivered on the same business day but in the worst case we guarantee delivery on the next day.

Foreign exchange can be purchased from Authorised Dealers (AD), Category-I banks and AD Category II. Full-Fledged Money Changers (FFMCs) are also permitted to release exchange for business and private visits.

An Authorised Dealer is any person specifically authorised by the Reserve Bank under Section 10(1) of FEMA 1999 to deal in foreign exchange or foreign securities. The list of ADs is available on www.rbi.org.in, and usually includes banks.

For private visits abroad, other than to Nepal and Bhutan, any resident can obtain foreign exchange up to an aggregate amount of USD 10,000 from an Authorised Dealer in any one financial year on a self-declaration basis, irrespective of the number of visits undertaken during the year. This limit of USD 10,000 or its equivalent per financial year for private visits can also be utilised by a person who is using foreign exchange for travel abroad for any purpose; such as for employment, immigration or studies.

Foreign exchange is not available for visits to Nepal or Bhutan for any purpose. A resident Indian is allowed to take INR of Rs. 100 denomination or lesser to Nepal and Bhutan without limit.

For business trips abroad to countries other than Nepal or Bhutan, a person can carry foreign currency up to USD 25,000 per visit. Visits in connection with the attending of an international conference, seminar, specialised training, study tour, apprentice training, etc. are treated as business visits. Release of foreign exchange exceeding USD 25,000 for business travel abroad, irrespective of the period of stay, requires prior permission from the Reserve Bank.

As mentioned previously, no release of foreign exchange is admissible for any kind of travel to Nepal or Bhutan, or for any transaction with persons resident in Nepal. Investments in Bhutan are permitted in Indian Rupees as well as in freely convertible currencies. If investment is made in freely convertible currencies, the sale proceeds are required to be repatriated to India in freely convertible currencies.

Travellers going to all countries other than (a) and (b) below are allowed to purchase foreign currency notes/coins up to USD 3000. Additional amounts can be carried in the form of traveller’s cheques or banker’s drafts. Exceptions to this are:

(a) Travellers proceeding to Iraq and Libya who can draw foreign exchange in the form of foreign currency notes and coins not exceeding USD 5000 or its equivalent.

(b) Travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States who can draw the entire foreign exchange in the form of foreign currency notes or coins. For travellers proceeding for the Haj/Umrah pilgrimage, the full amount of BTQ entitlement in cash, or up to the cash limit specified by the Haj Committee of India, may be released by the ADs and FFMCs.

AD Category I banks and AD Category II may release foreign exchange up to USD 100,000 or its equivalent to resident Indians for medical treatment abroad on a self-declaration basis, without insisting on any estimate from a hospital or doctor in India or abroad. A person travelling abroad for medical treatment can obtain foreign exchange exceeding the above limit, provided the request is supported by an estimate from a hospital/doctor in India or abroad.

An amount up to USD 25,000 is allowed for the maintenance expenses of a patient going abroad for medical treatment or a check-up, or for a person accompanying a patient going abroad for medical treatment/check-up.

The amount of USD 25,000 allowed to the patient going abroad is in addition to the limit of USD 100,000 mentioned above.

For students, the foreign exchange available is either the estimate received from the institution abroad or USD 10,000 per academic year, whichever is higher. This amount can be transacted from an AD Category I bank and AD Category II. Students travelling abroad for studies are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA 1999. Educational and other loans availed of by students as residents in India are allowed to continue. A student holding an NRO account may withdraw and repatriate up to USD 1 million/financial year from his NRO account. The student may avail of an amount of USD 10,000 or its equivalent for incidental expenses out of which USD 3000 or its equivalent may be carried in the form of foreign currency while travelling abroad for studies.

Documentation may be done as advised by the Authorised Dealer.

A person going abroad for employment can draw foreign exchange up to USD 100,000 from any Authorised Dealer in India on the basis of self-declaration.

A person emigrating can draw foreign exchange from AD Category I bank and AD Category II up to the amount prescribed by the country of emigration or USD 100,000. He can draw foreign exchange up to USD 100,000 on a self-declaration basis from an Authorised Dealer in India in order to meet incidental expenses in the country of emigration. No amount of foreign exchange can be remitted outside India to become eligible for earning points or credits for immigration. All such remittances require the prior permission of the Reserve Bank; and, if the requirement exceeds USD 100,000, you will need to obtain prior approval from the Reserve Bank.

Dance troupes, artistes, etc., who wish to undertake cultural tours abroad should obtain prior approval from the Ministry of Human Resources Development (Department of Education and Culture), Government of India, New Delhi.

The Foreign Contribution Regulation Act 1976 is administered and monitored by the Ministry of Home Affairs whose address is given below:

Foreigners Division, Jaisalmer House, 26, Mansingh Road, New Delhi-110011 No specific approval from the Reserve Bank is required in this regard.

Foreign exchange can be drawn 60 days in advance of your travel. In case it is not possible to use the foreign exchange within the period of 60 days, it should be immediately surrendered to an authorised person. However, residents are free to retain foreign exchange up to USD 2,000 in the form of foreign currency notes or TCs for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.

Foreign exchange for travel abroad can be purchased from an authorised person with cash upto Rs. 50,000.. However, if the rupee equivalent exceeds Rs. 50,000, the entire payment should be made by way of a crossed cheque/banker’s cheque/pay order/demand draft/debit card/credit card/prepaid card only.

On return from a foreign trip, travellers are required to surrender unspent foreign exchange held in the form of currency notes and traveller’s cheques within 180 days of return. However, they are free to retain foreign exchange up to USD 2,000 in the form of foreign currency notes or TCs for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.

The residents can hold foreign coins without any limit.

Any resident individual, if he so desires, may remit amounts up to USD 125,000 in a single financial year under LRS as a gift to a person residing outside India or as donation to a charitable/educational/religious/cultural organisation outside India. Remittances exceeding the limit of USD 125,000 will require prior permission from the Reserve Bank.

Use of International Credit Cards (ICCs)/ATMs/Debit Cards can be made for travel abroad in connection with various purposes. The entitlement of foreign exchange on International Credit Cards (ICCs) is limited by the credit limit fixed by the card-issuing authority only. With ICCs, one can:

(i) meet expenses/make purchases while abroad

(ii) make payments in foreign exchange for purchase of books and other items through internet in India.

If the person has a foreign currency account in India or with a bank overseas, he/she can even obtain ICCs of overseas banks and reputed agencies. However, use of International Credit Cards/ATMs/Debit Cards is NOT permitted for prohibited transactions indicated in Schedule -1 of FEM (CAT) Rules 2000 such as purchase of lottery tickets, banned magazines etc.

Use of these instruments for payment in foreign exchange in Nepal and Bhutan is not permitted.

Residents are free to take currency up to a total amount not exceeding Rs. 10,000 per person on their travel abroad (other than to Nepal and Bhutan). They may take or send outside India (other than to Nepal and Bhutan) up to two commemorative coins each.

Explanation: ‘Commemorative Coin’ refers to coins issued by Government of India Mint to commemorate any specific occasion or event.

A resident of India, who has gone out of India on a temporary visit, may bring currency notes up to an amount not exceeding Rs. 10,000 into India at the time of his return from any place outside India other than Nepal and Bhutan, A person can take to or bring back from Nepal or Bhutan currency notes of Government of India and Reserve Bank notes in denominations not exceeding Rs. 100.

A person coming into India from abroad can bring in foreign exchange without any limit. However, if the aggregate value of the foreign exchange in the form of currency notes, bank notes or traveller’s cheques exceeds USD 10,000 or its equivalent and/or the value of foreign currency alone exceeds USD 5,000 or its equivalent, it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.

A person resident in India is free to send or export any gift article of value not exceeding Rs. 500,000, provided export of that item is not prohibited under the extant Foreign Trade Policy and the exporter submits a declaration that goods of gift are not more than Rs. 500,000 in value.

Export of goods or services up to Rs. 500,000 may be made without furnishing the declaration in Form GR/SDF/PP/SOFTEX, as the case may be.

Taking personal jewellery out of India is as per the Baggage Rules, governed and administered by the Customs Department, Government of India. While no approval of the Reserve Bank is required in this case, approvals, if any, required from Customs Authorities may be obtained.

Taking personal jewellery out of India is as per the Baggage Rules, governed and administered by the Customs Department, Government of India. While no approval of the Reserve Bank is required in this case, approvals, if any, required from Customs Authorities may be obtained.

A person resident in India is free to make any payment in Indian Rupees towards meeting expenses, on account of boarding, lodging and services related thereto or travel to and from and within India, of a person residing outside India who is on a visit to India.

Residents may book their tickets in India for their visit to any third country. For instance, residents can book their tickets for travel from London to New York, through domestic/foreign airlines in India itself.

Persons resident in India are permitted to maintain foreign currency accounts in India under the following three Schemes:

a. Exchange Earners Foreign Currency Accounts:-

All categories of resident foreign exchange earners can credit up to 100 per cent of their foreign exchange earnings, as specified in the paragraph 1 (A) of the Schedule to Notification No. FEMA 10/2000-RB dated 3rd May, 2000 and as amended from time to time, to their EEFC Account with an Authorised Dealer in India. Funds held in EEFC account can be utilised for all permissible current account transactions and also for approved capital account transactions as specified by the extant Rules/Regulations/Notifications/Directives issued by the Government/RBI from time to time. The account is maintained in the form of a non-interest bearing current account.

b. Resident Foreign Currency Accounts : –

A person resident in India may open, hold and maintain with an Authorised Dealer in India a Resident Foreign Currency (RFC) Account to keep their foreign currency assets which were held outside India at the time of return can be credited to such accounts. The foreign exchange received as (i) pension of any other superannuation or other monetary benefits from the employer outside India; (ii) received or acquired as gift or inheritance from a person referred to sub-section (4) of section 6 of FEMA, 1999 or (iii) referred to in clause (c) of section 9 of the Act or acquired as gift or inheritance there from or (iv) received as the proceeds of life insurance policy claims/maturity/surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by the Insurance Regulatory and Development Authority; may also be credited to this account.

RFC account can be maintained in the form of current or savings or term deposit accounts.

The funds in RFC account are free from all restrictions regarding utilisation of foreign currency balances including any restriction on investment outside India.

c. Resident Foreign Currency (Domestic) Account:-

A resident Individual may open, hold and maintain with an Authorised Dealer in India, a Resident Foreign Currency (Domestic) Account, out of foreign exchange acquired in the form of currency notes, Bank notes and traveller’s cheques, from any of the sources like, payment for services rendered abroad, as honorarium, gift, services rendered or in settlement of any lawful obligation from any person not resident in India. The account may also be credited with/opened out of foreign exchange earned abroad like proceeds of export of goods and/or services, royalty, honorarium, etc., and/or gifts received from close relatives (as defined in the Companies Act) and repatriated to India through normal banking channels. The account shall be maintained in the form of Current Account and shall not bear any interest. There is no ceiling on the balances in the account. The account may be debited for payments made towards permissible current and capital account transactions.

In terms of sub-section 4, of Section (6) of the Foreign Exchange Management Act 1999, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India or inherited from a person who was resident outside India. (Please also refer to the Liberalised Remittance Scheme of USD 125,000 discussed below).

II. Liberalised Remittance Scheme (LRS) of USD 125,000

Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 125,000 per financial year (April–March) for any permissible current or capital account transaction or a combination of both. The limit was reduced from USD 200,000 to USD 75,000 with effect from August 14, 2013 but was subsequently increased to USD 125,000 w.e.f. June 3, 2014.

Under the Scheme, resident individuals can acquire and hold shares or debt instruments or any other assets including immovable property outside India, without prior approval of the Reserve Bank. Individuals can also open, maintain and hold foreign currency accounts with banks outside India for carrying out transactions permitted under the Scheme.

The remittance facility under the Scheme is not available for the following:

i) Remittance for any purpose specifically prohibited under Schedule-I (like purchase of lottery tickets/sweepstakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules 2000.

ii) Remittance from India for margins or margin calls to overseas exchanges/overseas counterparty.

iii) Remittances for purchase of FCCBs issued by Indian companies in the overseas secondary market.

iv) Remittance for trading in foreign exchange abroad.

v) Remittances directly or indirectly to Bhutan, Nepal, Mauritius and Pakistan.

vi) Remittances directly or indirectly to countries identified by the Financial Action Task Force (FATF) as “non cooperative countries and territories”, from time to time.

viii) Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.

UThe facility under the Scheme is in addition to those already available for private travel, business travel, studies, medical treatment, etc., as described in Schedule III of Foreign Exchange Management (Current Account Transactions) Rules, 2000. The Scheme can also be used for these purposes.

However, gift and donation remittances cannot be made separately and have to be made under the Scheme only. Accordingly, resident individuals can remit gifts and donations up to USD 125,000 per financial year under the Scheme.

Further, a resident individual can give rupee gifts to his visiting NRI/PIO close relatives [means relative as defined in Section 6 of the Companies Act, 1956] by way of crossed cheque/electronic transfer within the overall limit of USD 125,000 per financial year for the resident individual and the gifted amount should be credited to the beneficiary’s NRO account. An individual resident can lend money by way of crossed cheque/electronic transfer to a Non resident Indian (NRI)/Person of Indian Origin (PIO) close relative [means relative as defined in Section 6 of the Companies Act 1956] within the overall limit of USD 125,000 per financial year under the Liberalised Remittance Scheme, to meet the borrower’s personal or business requirements in India, subject to conditions. The loan should be interest free and have a maturity of minimum one year and cannot be remitted outside India.

The investor can retain and reinvest the income earned on investments made under the Scheme. At present, the residents are not required to repatriate the funds or income generated out of investments made under the Scheme.

Remittances under the facility can be consolidated in respect of family members subject to the individual family members complying with the terms and conditions of the Scheme.

Remittances under the Scheme can be used for purchasing objects of art subject to the provisions of other applicable laws such as the extant Foreign Trade Policy of the Government of India.

AD will be guided by the nature of transaction as declared by the remitter and will certify that the remittance is in conformity with the instructions issued by the Reserve Bank, in this regard from time to time.

The Scheme can also be used for remittance of funds for acquisition of ESOPs.

The remittance under the Scheme is in addition to acquisition of ESOPs linked to ADR/GDR.

A resident individual can invest in units of Mutual Funds, Venture Funds, unrated debt securities, promissory notes, etc. under this Scheme. Further, the resident can invest in such securities out of the bank account opened abroad under the Scheme.

It is mandatory to have PAN number to make remittances under the Scheme.

There is no restriction on the frequency. However, the total amount of foreign exchange purchased from or remitted through, all sources in India during a financial year should be within the cumulative limit of USD 125,000.

The individual will have to designate a branch of an AD through which all the remittances under the Scheme will be made. The applicants should have maintained the bank account with the bank for a minimum period of one year prior to the remittance. If the applicant seeking to make the remittance is a new customer of the bank, Authorised Dealers should carry out due diligence on the opening, operation and maintenance of the account.

Further, the AD should obtain bank statement for the previous year from the applicant to satisfy themselves regarding the source of funds. If such a bank statement is not available, copies of the latest Income Tax Assessment Order or Return filed by the applicant may be obtained. He has to furnish an application-cum-declaration in the specified format regarding the purpose of the remittance and declare that the funds belong to him and will not be used for purposes prohibited or regulated under the Scheme.

Once a remittance is made for an amount up to USD 125,000 during the financial year, he would not be eligible to make any further remittances under this scheme, even if the proceeds of the investments have been brought back into the country.

The remittances can be made in any freely convertible foreign currency equivalent to USD 125,000 in a financial year.

Investment by resident individual in overseas companies is subsumed under the Scheme of USD 125,000. The requirement of 10 per cent reciprocal shareholding in the listed Indian companies by such overseas companies has since been dispensed with.

III. Guidelines for Financial Intermediaries offering special schemes, protection under the Scheme.

Banks including those not having operational presence in India are required to obtain prior approval from Reserve Bank for soliciting deposits for their foreign/overseas branches or for acting as agents for overseas mutual funds or any other foreign financial services company.

No ratings or guidelines have been prescribed under the Liberalised Remittance Scheme of USD 125,000 on the quality of the investment an individual can make. However, the individual investor is expected to exercise due diligence while taking a decision regarding the investments which he or she proposes to make.

No. The Scheme does not envisage extension of credit facility against the security of the deposits. Further, the banks should not extend any kind of credit facilities to resident individuals to facilitate remittances under the Scheme.

No. Banks in India cannot open foreign currency accounts in India for residents under the Scheme.

Individuals resident in India are permitted to include non-resident close relative(s) (relatives as defined in Section 6 of the Companies Act, 1956) as joint holder(s) in their resident bank accounts on ‘former or survivor’ basis. However, such non-resident Indian close relatives shall not be eligible to operate the account during the lifetime of the resident account holder.

A Non-Resident Indian (NRI), as defined in FEMA Notification No. 5/2000-RB dated May 3 2000, may be permitted to open NRE/FCNR(B) account with their resident close relative (relative as defined in Section 6 of the Companies Act 1956) on ‘former or survivor’ basis. The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with the extant instructions during the life-time of the NRI/PIO account holder.

A resident individual is permitted to make a rupee gift to a NRI/PIO who is a close relative of the resident individual {close relative as defined in Section 6 of the Companies Act 1956} by way of crossed cheque/electronic transfer. The amount should be credited to the Non-Resident (Ordinary) Rupee Account (NRO) Account of the NRI/PIO and credit of such gift amount may be treated as an eligible credit to NRO account. The gift amount would be within the overall limit of USD 125,000 per financial year as permitted under the Liberalised Remittance Scheme (LRS) for a resident individual. It would be the responsibility of the resident donor to ensure that the gift amount being remitted is under the LRS and all the remittances under the LRS during the financial year including the gift amount have not exceeded the limit prescribed under the LRS.

A resident individual may now lend to a Non resident Indian (NRI)/Person of Indian Origin (PIO) close relative [means relative as defined in Section 6 of the Companies Act, 1956] by way of crossed cheque/electronic transfer, subject to the following conditions:

(i) the loan is free of interest and the minimum maturity of the loan is one year;

(ii) the loan amount should be within the overall limit under the Liberalised Remittance Scheme of USD 125,000 per financial year available for a resident individual. It would be the responsibility of the lender to ensure that the amount of loan is within the Liberalised Remittance Scheme limit of USD 125,000 during the financial year;

(iii) the loan shall be utilised for meeting the borrower’s personal requirements or for his own business purposes in India;

(iv) the loan shall not be utilised, either singly or in association with other person, for any of the activities in which investment by persons resident outside India is prohibited, namely;

(a) the business of chit fund, or (b) Nidhi Company, or (c) agricultural or plantation activities or in real estate business, or construction of farmhouses, or (d) trading in Transferable Development Rights (TDRs).

Explanation: For the purpose of item (c) above, real estate business shall not include development of townships, construction of residential/commercial premises, roads or bridges.

(v) The loan amount should be credited to the NRO a/c of the NRI/PIO. Credit of such loan amount may be treated as an eligible credit to NRO a/c;

(vi) the loan amount shall not be remitted outside India; and

(vii) repayment of loan shall be made by way of inward remittances through normal banking channels or by debit to the Non-resident Ordinary (NRO)/Non-resident External (NRE)/Foreign Currency Non-resident (FCNR) account of the borrower or out of the sale proceeds of the shares or securities or immovable property against which such loan was granted.

A resident individual is permitted to make a rupee gift to a NRI/PIO who is a close relative of the resident individual {close relative as defined in Section 6 of the Companies Act 1956} by way of crossed cheque/electronic transfer. The amount should be credited to the Non-Resident (Ordinary) Rupee Account (NRO) Account of the NRI/PIO and credit of such gift amount may be treated as an eligible credit to NRO account. The gift amount would be within the overall limit of USD 125,000 per financial year as permitted under the Liberalised Remittance Scheme (LRS) for a resident individual. It would be the responsibility of the resident donor to ensure that the gift amount being remitted is under the LRS and all the remittances under the LRS during the financial year including the gift amount have not exceeded the limit prescribed under the LRS.

A resident individual may now lend to a Non resident Indian (NRI)/Person of Indian Origin (PIO) close relative [means relative as defined in Section 6 of the Companies Act, 1956] by way of crossed cheque/electronic transfer, subject to the following conditions:

(i) the loan is free of interest and the minimum maturity of the loan is one year;

(ii) the loan amount should be within the overall limit under the Liberalised Remittance Scheme of USD 125,000 per financial year available for a resident individual. It would be the responsibility of the lender to ensure that the amount of loan is within the Liberalised Remittance Scheme limit of USD 125,000 during the financial year;

(iii) the loan shall be utilised for meeting the borrower’s personal requirements or for his own business purposes in India;

(iv) the loan shall not be utilised, either singly or in association with other person, for any of the activities in which investment by persons resident outside India is prohibited, namely;

(a) the business of chit fund, or (b) Nidhi Company, or (c) agricultural or plantation activities or in real estate business, or construction of farmhouses, or (d) trading in Transferable Development Rights (TDRs).

Explanation: For the purpose of item (c) above, real estate business shall not include development of townships, construction of residential/commercial premises, roads or bridges.

(v) The loan amount should be credited to the NRO a/c of the NRI/PIO. Credit of such loan amount may be treated as an eligible credit to NRO a/c;

(vi) the loan amount shall not be remitted outside India; and

(vii) repayment of loan shall be made by way of inward remittances through normal banking channels or by debit to the Non-resident Ordinary (NRO)/Non-resident External (NRE)/Foreign Currency Non-resident (FCNR) account of the borrower or out of the sale proceeds of the shares or securities or immovable property against which such loan was granted.

Where an authorised dealer in India has granted loan to a non-resident Indian in accordance with Regulation 7 of the Notification No. FEMA 4/2000-RB dated May 3, 2000 such loans may also be repaid by resident close relative (relative as defined in Section 6 of the Companies Act, 1956) of the Non-Resident Indian by crediting the borrower’s loan account through the bank account of such relative.

Where the medical expenses in respect of NRI close relative (relative as defined in Section 6 of the Companies Act, 1956) are paid by a resident individual, such a payment being in the nature of a resident to resident transaction may be covered under the term “services related thereto” under Regulation 2(i) of Notification No.FEMA16/2000-RB dated May 3, 2000.

Yes, your Prepaid Forex forex card bought from weizmannforex.com comes equipped with an internet login which allows you to monitor your spend. You can also choose to receive SMS alerts by updating the mobile number available on your travels abroad.

  • Valid passport and employment Visa
  • One way confirmed Air Ticket
  • PAN copy for all forex transactions in cases where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available
  • Valid passport and emigration Visa
  • One way confirmed Air Ticket
  • PAN copy for all forex transactions in cases where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available
  • Original and valid passport
  • Valid visa for the country of travel (except where VISA on arrival applies)
  • Confirmed ticket-showing travel within 60 days of taking foreign exchange
  • PAN copy for all forex transactions in cases where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available
  • Application / self declaration
  • Confirmed one-way Air ticket
  • Original Passport along with the Student Visa.
  • Prospectus/Offer Letter/Admission Letter in original, thereof giving full details of the course of study, tuition fees payable etc.
  • In case of person traveling to USA Form I-20 is required.
  • PAN copy for all forex transactions in cases where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available
  • Original and valid passport
  • Valid visa for the country of travel (except where VISA on arrival applies)
  • Confirmed ticket-showing travel within 60 days of taking foreign exchange
  • PAN copy for all forex transactions in cases where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available
  • Original and valid passport
  • Valid visa for the country of travel (except where VISA on arrival applies)
  • Confirmed ticket-showing travel within 60 days of taking foreign exchange
  • Non Resident Indians living in India beyond 180 days are eligible to purchase forex under the said scheme
  • Foreign Nationals permanently resident in India are eligible to avail of this quota provided the applicant is not availing of facilities for remittance of his/her salary, savings etc. abroad in terms of the existing FEMA regulations.
  • Similarly, Foreign born wife of an Indian national.
  • No limit on amount of foreign exchange that can be brought into India. However currency notes beyond USD 5000 (equivalent) and upto USD 10000 (total) need to be reported at customs and currency declaration form (CDF) obtained
  • CDF is required whenever currency / forex surrender exceeds respective limits
  • No limit on amount of foreign exchange that can be brought into India. However currency notes beyond USD 5000 (equivalent) and upto USD 10000 (total) need to be reported at customs and currency declaration form (CDF) obtained
  • CDF is required whenever currency / forex surrender exceeds respective limits
  • Up to US$ 25,000 per business trip, irrespective of period of stay and number of times in a financial year.
  • Personal travel can be combined with business travel and additional forex up to USD 2,50,000 per annum can be drawn over and above business travel entitlement
  • Within above entitlements upto US$ 3,000 in Currency notes per visit are allowed. The rest must be carried in any other form

For Travelers proceeding to Iraq or Libya exchange in the form of currency notes may be sold up to limit not exceeding US$ 5,000 or its equivalent per resident individual in a financial year (total USD 10000)? For Travelers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States, entire exchange (USD 2, 50,000) can be released in the form of currency notes. ? Travelers proceeding to Pakistan, Bangladesh or Myanmar by land route are eligible up to limit of US$ 2, 50,000 or its equivalent per resident individual in a calendar year. ? For Airline staff, open ticket may be accepted. Proof of Airline staff will be required by the bank

  • US$ 2, 50,000 per annum towards tuition fees, maintenance expenses books, etc.
  • Yes, forex for studies abroad can be taken in all forms except cash currency where the limit of USD 3000 applies. Pre-paid cards can be re-loaded by student’s parents / guardians at any time.
  • TCs however can be taken only when the student is physically present in India for the transaction
  • Up to US$ 2, 50,000 its equivalent for the patient going abroad for medical treatment or checkup abroad.
  • Upto US$ 2, 50,000 for accompanying as attendant to a patient going abroad for medical treatment/checkup.
  • Forex entitlement upto USD 250000 / annum under Personal Visit can be availed over and above the specified amount under this scheme.

Check out our online travel insurance service!


Travelling abroad can be super fun. But let not unexpected circumstances play spoilsport! Weizmann Forex offers travel insurance as a product through Religare for a hassle-free journey so that you can enjoy your holiday in a carefree manner.


Here are a few frequently asked questions on Travel Insurance. Have a quick read and educate yourself.


Travel insurance is intended to cover medical expenses, trip cancellation, lost luggage and other losses incurred while travelling internationally.

Travel insurance can be purchased at the time of planning a trip, to cover exactly the duration of that trip.

  • Medical expenses: Medical Expenses will be covered for illness occurred during the trip. Pre – illness will not be covered
  • Evacuation: In case an emergency occurs and the client has to be evacuated through air support/ambulance, those expenses also get covered
  • Repatriation: If in an event of death during your trip, insurance company will pay the cost for transferring mortal remains of the deceased insured back to Republic of India or, for a local burial or cremation in the country of death
  • Dental Treatment: Will reimburse anaesthetic treatment for normal tooth or teeth during the trip
  • Loss of Passport: If the passport of an insured member is lost because of forcible actions, the insured files an FIR with the local Police (Preferably Translated in English). Insurance company will pay actual expenses occurred in obtaining duplicate passport or fresh passport
  • Delay of Baggage: If there is a delay in receiving baggage caused by the airline for more than 12 hrs. The Insurance Company will pay for the delay only for Ongoing Journey
  • Loss of Baggage: Loss of baggage can occur when airline is unable to trace your baggage & they declare it as lost baggage. You should get a PIR (Property Irregularity Report) from the airlines to claim this. Claims above 100USD to be produced with a bill
  • Trip Cancellation: Company will reimburse non – refundable prepaid payments, made prior to the insured departure date only if the trip is cancelled or interrupted due to a specific reason
  • Missed Connection: Company shall reimburse for accommodations, meals, non – refundable & unused portion of the prepaid expenses where the missed connection is in the event of inclement weather caused cancellation or a delay of regular scheduled airline flights on which the insured would be travelling

Weizmann Forex offers the following slabs:

  • USD 50,000
  • USD 1,00,000

The cost of buying Travel Insurance online depends on a number of factors – your age, duration of trip, the country you plan to visit and the number of members. You can check out the premium amount yourself by following these steps.

  • Click on Travel Insurance tab on our Weizmann Forex website
  • Depending on place of travel (You need to choose Excluding USA and Canada or Worldwide)
  • What is the amount of cover you wish to take?
  • Total number on people travelling
  • Select Start date of your travel
  • Select End date of your travel
  • Depending on your age
  • Whatever amount will be displayed, that is the final amount client has to pay.

We hope this info clears out your doubts regarding overseas travel insurance. If you still aren’t clear feel free to call us on – 02246112500. Planning an overseas trip anytime soon? Buy our travel insurance online for as low as Rs.200* and be assured!