NEW DELHI: After a long gap of two years, several countries have begun opening their borders to foreign tourists. While access to money is critical when you’re abroad, it is not always ideal to carry cash given that you are only legally allowed to buy $10,000 worth of forex for tourism-related activities without taking prior permission from the Reserve Bank of India.
In fact if you are going overseas for a vacation, be sure to purchase foreign currency from money changers or any bank who is authorized to deal in foreign exchange. "This purchase can be made 60 days before the journey date and in case the journey could not be undertaken within the specified limit, this foreign currency should be surrendered to the respective bank or money exchanger," says CA Ruchika Bhagat, MD, Neeraj Bhagat & Co.
