FAQ's

In terms of Foreign Exchange Management Act (FEMA), 1999, a person resident in India means –

  1. A person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include –

(A) A person who has gone out of India or who stays outside India, in either case

    1. For or on taking up employment outside India, or
    2. For carrying on outside India a business or vocation outside India, or
    3. For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period

(B) A person who has come to or stays in India, in either case, otherwise than –

  1. For or on taking up employment in India, or
  2. For carrying on in India a business or vocation in India, or
  3. For any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period.
  1. Any person or body corporate registered or incorporated in India.
  2. An office, branch or agency in India owned or controlled by a person resident outside India.
  3. An office, branch or agency outside India owned or controlled by a person resident in India.

An authorized dealer is normally a bank specifically authorized by the Reserve Bank under Section 10(1) of FEMA,1999, to deal in foreign exchange or foreign securities.

Authorized dealers can release foreign exchange up to USD 25,000 for a business trip to any country other than Nepal and Bhutan. Release of foreign exchange exceeding USD 25,000 for a travel abroad (other than Nepal and Bhutan) for business purposes, irrespective of period of stay, requires prior permission from Reserve Bank. Visits in connection with attending of an international conference, seminar, specialised training, study tour, apprentice training, etc., are treated as business visits. Visit abroad for medical treatment and/or check up also falls within this category.

Authorized Facilities available to NRIs under FEMA. In addition, they can receive remittances upto USD 100,000 from close relatives from India on self-declaration, towards maintenance, which could include remittances towards their studies also. Educational and other loans availed of by students as resident in India can be allowed to continue. There is no dilution in the existing remittance facilities to students in regard to their academic pursuits.

In connection with private visits abroad, viz., for tourism purposes, etc., foreign exchange up to USD10,000, in any one calendar year may be obtained from an authorised dealer. The ceiling of USD10,000 is applicable in aggregate and foreign exchange may be obtained for one or more than one visit provided the aggregate foreign exchange availed of in one calendar year does not exceed the prescribed ceiling of US$10,000 {The facility was earlier called B.T.Q or F.T.S.}. This limit of USD10,000 can be availed of by a person along with foreign exchange for travel abroad for any purpose, including for employment or immigration or studies. However, no foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.

Person going abroad for employment can draw foreign exchange upto USD100,000 from any authorised dealer in India on the basis of self-declaration.

Person going abroad on emigration can draw foreign exchange upto USD100,000 on self- declaration basis from an authorized dealer in India. This amount is only to meet the incidental expenses in the country of emigration. No amount of foreign exchange can be remitted outside India to become eligible or for earning points or credits for immigration. All such remittances require prior permission of 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, Government of India, New Delhi.

Travellers are allowed to purchase foreign currency notes/coins only up to USD 3000. Balance amount can be taken in the form of traveller’s cheque or banker’s draft. Exceptions to this are (a) Travellers proceeding to Iraq and Libya can draw foreign exchange in the form of foreign currency notes and coins not exceeding US$ 5000 or its equivalent; (b) Travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States can draw entire foreign exchange released in form of foreign currency notes or coins.

For the purpose of studies abroad, exchange for maintenance expenses is released in the form of (i) currency notes up to US$ 3,000, (ii) the balance foreign exchange may be taken in form of traveller’s cheques or bank draft payable overseas.

The foreign exchange acquired for any purpose has to be used within 60 days of purchase. In case it is not possible to use the foreign exchange within the period of 60 days it should be surrendered to an authorised dealer.

Foreign exchange for travel abroad can be purchased from banks against rupee payment in cash up to 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 only.

On return from a foreign trip travellers are required to surrender unspent foreign exchange held in the form of currency notes within 90days and travellers’ cheques within 180 days of return. However, they are free to retain foreign exchange upto USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their RFC(Domestic) Account without any limit.

On return to India can one retain some foreign exchange? Residents are permitted to hold foreign currency up to USD 2,000 or its equivalent or credit to their RFC(Domestic) Account without any limit provided the foreign exchange was - a. acquired by him while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or b. acquired by him, from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation, or c. acquired by him by way of honorarium or gift while on a visit to any place outside India; or d. acquired by him from an authorised person for travel abroad and represents the unspent amount thereof.

Residents are permitted to hold foreign currency up to USD 2,000 or its equivalent or credit to their RFC(Domestic) Account without any limit provided the foreign exchange was -

  1. Acquired by him while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or
  2. Acquired by him, from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation, or
  3. Acquired by him by way of honorarium or gift while on a visit to any place outside India; or
  4. Acquired by him from an authorised person for travel abroad and represents the unspent amount thereof.

There is no restriction on residents holding foreign coins.

Any person resident in India can remit upto USD 5,000 in any one year 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 require prior permission from the Reserve Bank.

Use of the International CREDIT CARDS (ICCs) / ATMs/ Debit Cards can be made for making personal payments like subscription to foreign journals, internet subscription, etc., and for travel abroad in connection with various purposes. Your entitlement of foreign exchange on International Credit Cards (ICCs) is limited by the credit limit fixed by the card issuing authority only. With ICCs you 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 you have a foreign currency account in India or with a bank overseas, you can even obtain ICCs of overseas banks and reputed agencies. Use of these instruments for payment in foreign exchange in Nepal and Bhutan is not permitted.

A person coming into India from abroad can bring in with him Indian currency notes within the limits given below: a. upto Rs. 5,000 from any country other than Nepal or Bhutan, and b. any amount in denomination not exceeding Rs.100 from Nepal or Bhutan.

Residents are free to carry the foreign exchange purchased from an authorised dealer or money changer in accordance with the Rules. They are, however, allowed to carry foreign exchange in the form of currency notes/coins upto USD 2,000 or its equivalent only. Balance amount can be carried in the form of traveller’s cheque or banker/s draft.

A person resident in India is free to send (export) any gift article of value not exceeding Rs. 5,00,000 provided export of that item is not prohibited under the extant EXIM Policy.

Taking personal jewellery out of India is governed by Baggage Rules framed under Export-Import Policy by the Government of India. No approval of Reserve Bank is required in this case.

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 resident outside India who is on a visit to India.

Residents may book their tickets in India for their visit to any third country. That is residents can book their tickets for travel for instance to London/New York through domestic/foreign AIRLINES IN INDIA itself.

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

  1. EEFC Accounts:-To avoid exchange loss on conversion of foreign exchange into Indian Rupee & Rupee into foreign exchange, residents can retain upto 50% of foreign currency remittances received from abroad in a foreign currency account, viz., EEFC account, with an authorised dealer in India. Funds held in EEFC account can be utilised for 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.
  2. RFC Accounts :-Returning Indians, i.e., those Indians, who were non-residents earlier, and are returning now for permanent stay, are permitted to open, hold and maintain with an authorised dealer in India a Resident Foreign Currency (RFC) Account to keep their foreign currency assets. Assets held outside India at the time of return can be credited to such accounts. The foreign exchange (i) received or acquired as gift or inheritance from a person referred to sub-section (4) of section 6 of FEMA,1999 or (ii) referred to in clause (c) of section 9 of the Act or acquired as gift or inheritance therefrom may also be credited to this account.The funds in RFC account are free from all restrictions regarding utilisation of foreign currency balances including any restriction on investment outside India. The facility is also available to residents provided foreign exchange to be credited to such account is received out of certain specified type of funds/accounts.
  3. RFC (Domestic)Account:-A person resident in India can open, hold and maintain with an authorized dealer in India, a Resident Foreign Currency (Domestic) Account, out of foreign exchange acquired in the form of currency notes, Bank notes and travellers 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 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 by resident individuals.

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 Facility of USD 25,000 discussed below).

This is a new facility extended to all resident individuals under which they may freely remit upto USD 25,000 per calendar year for any permissible current or capital account transaction or a combination of both.

The facility is available to resident individuals only.

Resident individuals can avail of the remittance facility under the Scheme once in a calendar year.

This facility is available for making remittance/s for any permissible current or capital account transaction or a combination of both. It is not available for purposes specifically prohibited (Schedule I) or regulated by the Government of India (Schedule II) of Foreign Exchange Management (Current Account Transactions) Rules, 2000.

Yes. Individuals are free to use this Scheme to acquire and hold immovable property, shares or any other asset outside India without prior approval of RBI.

Yes. Individuals are free to open, hold and maintain foreign currency accounts with a bank outside India for making remittances under the Scheme without the prior approval of RBI. The account can be used for putting through any transaction connected with or arising from remittances under the Scheme.

Remittance cannot be made directly or indirectly to Bhutan, Nepal, Mauritius or Pakistan. The facility is also not available for making remittances directly or indirectly to countries identified by the Financial Action Task Force (FATF) as ‘non-co-operative Countries or Territories' viz., Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, Phillippines and Ukraine.

Further, remittance under the facility cannot be made to individuals and entities identified as posing significant risk or committing acts of terrorism as advised to banks by RBI from time to time.

The Forex Travel\VTM card is a magnetic strip based Pre-paid Card Usually introduced in partnership with Visa International or Master Card International, which offers you a convenient and secure way to carry your FOREX cash. This card offers you the freedom to shop anywhere in the world and provides access to the currency of your destination at competitive market rates. It can be used at over 700,000 ATMs worldwide and at over 11 million Merchant Establishments worldwide. Usually these cards cannot be used for payments in India, Nepal or Bhutan.

Jay Maharaj Money Changer Pvt. Ltd. can currently provide you in 9 currencies, Australian Dollar, Canadian Dollar, Euro, British Pounds, US Dollar and Japanese Yen, Swiss Francs, Singapore Dollor, UAE Dhirams.

The cards are available over the counter at all of our branches You simply need to walk into the Jay Maharaj Money Changers Pvt. Ltd. branch, fill in the required documentation, fund your card and walk out with the Card kit. The card will get activated within hours of the funding being done. Usually within 6 Working Hours.

Your HDFC Bank ForexPlus Travel card will be activated with the loaded AUD / CAD/ Euro / GBP / USD / JPY within hours of the bank getting the clear funds from you. Once active, the card can be used at any international location. (Usage of the card is not allowed in India, Nepal and Bhutan.) THE FOREX\VTM\Travel card works just like a CREDIT CARD for purchase transactions at Merchants Establishments that have an electronic terminal. The only difference is that the transaction amount is directly debited from your card balance. Forex\VTM card is accepted at all Merchant Establishments displaying the Visa or Master Card symbol.(As on the Card).

The card can be used to withdraw cash at all Visa\Master Card ATMs worldwide. Irrespective of the currency of the card, the cash will be in the currency of the country. (either Visa or Master Card please check the card which has the logo of the supporting agent).

No, you don't need to have an account with any Bank to purchase the card. You can just walk into any of our branches in India and purchase it over the counter.

You need to submit the application form for the FOREX card, the form A2 (or any other FOREXDocumentation as mandated under FEMA) as well as a Photocopy of your current and valid Passport.

Your forex card will be activated with the loaded currency within a few hours of having received the clear funds from you. Once Activated, the card is ready for use immediately.

Yes, your card should not be used for temporary charges - e.g. paying deposits at hotels, hiring of cars etc. Incase you have paid these deposits using the card and the hotel/car rental agency etc. settles for an amount lesser than the deposit amount or you pay through a different mode the balance amount will get credited into your account only after 35 days from the transaction date. Please ensure before hand that you verify about such limitation, the Executive assisting you to take a new card will be happy to assist you in solving all your queries. Note: the Issuing Bank reserves the right to charge the Card holder for any unauthorized amounts.

Yes, the top up or reloads can be carried out in 2 ways:

  1. You can authorize the Jay Maharaj Money Changer Pvt. Ltd. Branch Head to debit your account by giving an cheque or cash or a local cheque drawn on Jay Maharaj Money Changer Pvt. Ltd. Pvt Ltd and reload the card.
  2. Remote reload - by anybody other than yourself is also possible. The person authorised by you for the same will need to come to the branch with the money and will need to provide the necessary documents. On receipt of the application form and the funds, your card will get reloaded for the desired amount.

Usually you cannot change the ATM pin at any of the ATMs, You can call the issuing bank PhoneBanking for assistance. A new PIN will be sent across to your mailing address with the bank. For any assistance you can mail to info@jaymaharajmoney.com

If your card is Visa Enabled then All ATMs displaying the Visa/PLUS Logo will accept THE FOREX Card.

If your card is Master Card Enabled then All ATMs displaying the Master Card Logo will accept THE FOREXCard.

Immediately report the loss of your Issuing Bank by calling the PhoneBanking numbers which are provided with the card, You will not be liable for transactions on your Card Account (if any) from the moment your report is registered with the bank.

You can call the Issuing Bank PhoneBanking number of your city and ask for replacement of your card. Or you can call any of the Jay Maharaj Money Changer Pvt. Ltd. Branches near you, The reissued card will be sent to your domestic address noted with us. The charges for the Reissue of the Card are given in the Schedule of Charges.

Request Call back
Set Rate Alert