Forex Application and Declaration Form
As per the Liberalised Remittance Scheme (LRS), Form A2 is mandatory to Transfer Funds Abroad.
Refund of Forex Card
As per the RBI guidelines if the balance on the card is below USD 2000 or equivalent the customer can choose to retain the same on the card for future. However, the traveller must encash the card if the balance is more than USD 2000 within 90 days of return from overseas. Customer should also check on the inactivity charges (levy starts after 6 months of non-usage) with the issuer.
The customer can encash the balance on Forex Card after 11 days of return from overseas.
As per the notification received from government of India Finance Ministry, the provision 206 C (1G) tax collection at source is applicable (TCS) to various type of foreign exchange and remittance transaction.
These has come into effect from 1st October 2020. The provision of TCS will be applicable in respect of remittances made outside India under LRS of Reserve Bank of India.
Know more about : TCS
Application for release of Foreign Exchange under Private Visit
For Private visit, an application-cum-declaration need to be filled by the traveller to release the foreign exchange. The Form A2 is provided by us before final invoicing and customer are requested to put their signature after going through the content.
Currency Declaration Form
As per the present regulations a person who brings Forex in the form of currency notes or travellers’ cheques at one time is required to make a declaration in form of CDF, if the value of foreign exchange in cash exceeds USD 5000 or its equivalent and /or the value of foreign currency in cash plus travellers’ cheques exceeds USD 10000 or its equivalent. It should be declared to the custom authorities at the airport. CDF should be duly endorsed for the quantum of foreign exchange encashed.