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Latest RBI circulars with plain-language narration, downloadable formats and templates, and expert compliance guides — the reference desk for FFMCs and forex professionals.

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RBI Circulars, Formats & Guides

Latest circulars with plain-language narration, downloadable formats, and expert guides — all in one place.

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Regulatory Framework

Key RBI Forex Regulations

Important limits and rules every forex customer in India must know.

Liberalised Remittance Scheme (LRS)
Indian residents can remit up to USD 2,50,000 per financial year for permitted purposes including education, travel, family maintenance, and investment.
Limit: USD 2,50,000 per year
Foreign Currency for Travel
Travellers can carry up to USD 3,000 in cash per trip. Additional amounts must be on a forex card or traveller's cheque.
Cash limit: USD 3,000 per trip
TCS on Forex (Budget 2023)
Tax Collected at Source of 20% applies on remittances above ₹10 lakh under LRS (except education & medical). Fully claimable as ITR credit.
TCS: 20% above ₹10 lakh
KYC Requirements
Passport is mandatory for all currency purchases above ₹5,000. PAN is required for amounts above ₹50,000 in a single day.
Passport required above ₹5,000
Unused Forex on Return
Travellers must surrender unused foreign currency within 180 days of return. You can retain up to USD 2,000 in an RFC account for future travel.
Return within 180 days
FFMC Licensing
Only RBI-authorised Full-Fledged Money Changers can legally sell foreign currency in India. Always verify the dealer's licence before transacting.
Best Deal Forex: RBI Authorised ✓
Smart Travel

Top Forex Tips for Travellers

Save thousands on your next international trip with these expert tips.

01
Book Forex 2+ Days Before Travel
Rates can fluctuate daily. Booking early locks in today's rate and avoids last-minute airport exchange counters that charge a premium.
02
Avoid Airport Forex Counters
Airport exchange desks charge 5–8% above market rates. Call us the night before your flight for same-day doorstep delivery.
03
Carry a Mix of Cash + Forex Card
Keep some cash for small vendors and local markets. Use a forex card for hotels, restaurants, and large purchases for better rates.
04
Check Destination Country Cash Rules
Some countries restrict how much cash you can bring in or take out. Always verify customs regulations before departing India.
05
Keep Your Transaction Receipts
RBI requires dealers to provide receipts. Keep them for currency reconversion on return and for income tax purposes if needed.
06
Use Only RBI Authorised Money Changers
Unlicensed dealers put you at legal and financial risk. Always insist on a proper receipt and verify the dealer's RBI authorisation.
Glossary

Common Forex Terms Explained

Understanding these terms helps you make better decisions when exchanging currency.

LRS — Liberalised Remittance Scheme
RBI's scheme allowing Indian residents to remit up to USD 2,50,000 abroad per financial year for permitted purposes.
FFMC — Full-Fledged Money Changer
An RBI-authorised entity licensed to buy and sell foreign currency from/to the public. Best Deal Forex is a licensed FFMC.
TCS — Tax Collected at Source
A tax collected at the time of forex transaction (20% above ₹10 lakh under LRS). Fully claimable as credit when filing your ITR.
IBR — Inter-Bank Rate
The wholesale rate at which banks trade currencies among themselves. The rate you get at a dealer is IBR + dealer's spread.
FEMA — Foreign Exchange Management Act
India's primary legislation governing all foreign exchange transactions. All FFMC activities are regulated under FEMA 1999.
Form A2
A mandatory declaration form required for all outward remittances. Best Deal Forex assists customers in filling this correctly.
RFC Account — Resident Foreign Currency
A bank account where returning travellers can retain up to USD 2,000 in foreign currency for future use.
SWIFT
The global messaging network used for international wire transfers. You receive a SWIFT reference code for every outward remittance we process.
FAQs

Frequently Asked Questions

What documents do I need to buy foreign currency?
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For amounts up to ₹5,000, Aadhaar or PAN is sufficient. Above ₹5,000, a valid Passport is required. For remittances, we also need supporting documents. Call +91 9676321959 for exact requirements.
How do I get the best forex rate in Hyderabad?
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Contact us directly via phone or WhatsApp. Our rates are typically better than indicative online rates, especially for amounts above ₹50,000. We also offer preferential rates for returning customers and bulk transactions.
Do you offer doorstep delivery of foreign currency?
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Yes! We deliver across Hyderabad at no extra cost. Call or WhatsApp your requirement, complete KYC, make payment — and we deliver same day or next day to your home or office.
How long does an international money transfer take?
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Most international wire transfers are processed within 1–2 business days. Education remittances to UK, USA, Australia, and Canada typically arrive within 1–2 working days. We provide a SWIFT reference for tracking.
What is TCS and does it apply to my forex purchase?
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TCS (Tax Collected at Source) of 20% applies on LRS remittances above ₹10 lakh per financial year (except education funded by a loan from a specified institution at NIL and medical at 2%). TCS is fully refundable — you claim it as a credit when filing your Income Tax Return. The ₹10 lakh threshold is a combined limit per PAN across all Authorised Dealers and Authorised Persons, for all LRS purposes together.
Can I sell back unused foreign currency?
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Yes! We buy back unused foreign currency notes at competitive rates. Bring your leftover forex within 180 days of return along with your original purchase receipt. We also accept currency bought elsewhere.
Is Best Deal Forex RBI authorised?
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Yes. Best Deal Forex Private Limited is a Full-Fledged Money Changer (FFMC) authorised by the Reserve Bank of India under FEMA 1999. Our licence is renewed annually and you can verify it on the RBI website.

Have More Questions? Talk to a Forex Expert

Our forex team is available Mon–Sat. Get personalised guidance on LRS, rates, TCS, and more — at no charge.

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