Can proceeds of foreign currency notes/travellers cheques be credited to NRE accounts without any restriction?
Our Bank has been permitted to credit the proceeds of foreign currency notes/travellers cheques brought by the account holder from abroad during his visit to India provided they are tendered in person. Where the amount of foreign currency notes tendered exceeds US$ 2,500 or its equivalent or the total amount tendered i.e. currency notes and travellers cheques, are in excess of US$10,000 or its equivalent, it should have been declared to the Customs on the Currency Declaration Form (CDF) at the time of the account holder’s arrival into India. Further, in the case of travellers cheques, they should be presented by the account holder himself and discharged by him in the presence of the official of the concerned bank.
Authorised dealers have been permitted to credit the proceeds of foreign currency notes/travellers cheques brought by the account holder from abroad during his visit to India provided they are tendered in person. Where the amount of foreign currency notes tendered exceeds U.S. $2,500 or its equivalent or the total amount tendered i.e. currency notes and travellers cheques are in excess of U.S. $10,000 or its equivalent, it should have been declared to the Customs on the Currency Declaration Form (CDF) at the time of the account holder’s arrival into India. Further, in the case of travellers cheques they should be presented by the account holder himself and discharged by him in presence of the official of the concerned bank.
Ans. Authorised dealers have been permitted to credit the proceeds of foreign currency notes/travellers cheques brought by the account holder from abroad during his visit to India provided they are tendered in person. Where the amount of foreign currency notes tendered exceeds U.S. $2,500 or its equivalent or the total amount tendered i.e. currency notes and travellers cheques, are in excess of U.S. $10,000 or its equivalent, it should have been declared to the Customs on the Currency Declaration Form (CDF) at the time of the account holder’s arrival into India. Further, in the case of travellers cheques, they should be presented by the account holder himself and discharged by him in presence of the official of the concerned bank.
Authorised dealers have been permitted to credit the proceeds of foreign currency notes/travellers cheques brought by the account holder from abroad during his visit to India provided they are tendered in person. Where the amount of foreign currency notes tendered exceeds U.S. $2,500 or its equivalent or the total amount tendered i.e. currency notes and travellers cheques, are in excess of U.S. $10,000 or its equivalent, it should have been declared to the Customs on the Currency Declaration Form (CDF) at the time of the account holder’s arrival into India. Further, in the case of travellers cheques, they should be presented by the account holder himself and discharged by him in presence of the official of the concerned bank.
Ans. Authorised dealers have been permitted to credit the proceeds of foreign currency notes/travellers cheques brought by the account holder from abroad during his visit to India provided they are tendered in person. Where the amount of foreign currency notes tendered exceeds U.S.$ 2,500 or its equivalent or the total amount tendered i.e. currency notes and travellers cheques, are in excess of U.S.$ 10,000 or its equivalent, it should have been declared to the Customs on the Currency Declaration Form (CDF) at the time of the account holder’s arrival into India. Further, in the case of travellers cheques, they should be presented by the account holder himself and discharged by him in the presence of the official of the concerned bank. Q.
Related Questions
- Can proceeds of foreign currency notes / travellers cheques be credited to NRE accounts without any restriction ?
- Can proceeds of foreign currency notes/travelers cheques be credited to NRE accounts without any restriction?
- Can proceeds of foreign currency notes/travellers cheques be credited to NRE accounts without any restriction?
