Currency Exchange

The Reserve Bank of India has, under the Foreign Exchange Management Act 1999 (42 of 1999), granted Mickey Foreign Exchange Services Pvt. Ltd; with a license to operate as a Full Fledge Money Changer (FFMC).

This grants us the right to buy and sell:

FAQs (Frequently asked questions)

  • What is Basic Travel Quota?

    Every calendar year, the Reserve Bank of India (RBI) entitles an individual to avail USD 10,000 foreign travel allowance. This is known as Basic Travel Quota (BTQ)

    In order to receive foreign exchange, an individual traveller must possess:

    • A valid Indian passport.
    • A valid visa of the country of visit.
    • A valid ticket to the country / countries of visit.
    • A government recognized address proof such as utility bills, ration card etc.

    The foreign exchange request form is available at Mickey Foreign Exchange Services Pvt. Ltd. This needs to be filled up and signed before we provide you with the requisite foreign exchange.

  • Do I have to buy my foreign exchange from an RBI authorised foreign exchange dealer only?

    As per RBI regulations for exchange control, all customers travelling overseas for a holiday have to pay for their tour costs from the BTQ provided by the RBI. This foreign exchange can be purchased from an authorised dealer (Banks) or a RBI Licensed FFMC such as Mickey Foreign Exchange Services Pvt. Ltd.

  • Can I draw foreign exchange for purposes other than holiday?

    Yes. According to RBI guidelines, foreign exchange can be drawn for the following purposes:

    • A private visit
    • Business visits
    • Participation in conferences and seminars
    • Specialised training
    • Study tours
    • Higher education
    • Medical treatment
    • Employment in another country
    • Emigration to another country
  • What is the maximum currency I am allowed to carry? How much of this can be in cash?

    The maximum foreign exchange currency allowed depends on the purpose of visit. For all the categories, only USD 3,000 or equivalent is allowed in cash. The rest of the currency has to be procured in the form of travellers cheques.

    While travelling to Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States, the foreign exchange can be released in the form of foreign currency notes for your entire foreign exchange requirement.



    USD 10,000.00 per financial year

    Business Travel

    USD 25,000.00 per trip


    USD 100,000.00 per year

    Employment Abroad

    USD 100,000.00 per year

    Medical Treatment

    USD 100,000.00 per year

    Studies Abroad

    USD 100,000.00 per academic year

    Maintenance of close relatives abroad

    USD 100,000.00 per year

    Investments overseas in shares (listed companies), gifts & donations (under liberalised remittance scheme only)

    USD 75,000.00 per financial year


  • Can I buy foreign exchange for a travel scheduled after 6 months?

    The RBI Regulations allow for purchase of foreign exchange for a travel which is not more than 60 days away. If you hold a ticket which allows you to travel after 6 months, you cannot buy foreign exchange until 60 days before your travel.

  • Can I use cash to purchase foreign exchange for travelling abroad?

    If the rupee equivalent payable does not exceed Rs. 50,000, you can purchase foreign exchange for your travel in cash. If the rupee equivalent of the foreign exchange exceeds Rs. 50,000, the payment has to be made by a crossed cheque. This has to be drawn on your bank account. If there is a company sponsoring the visit, the payment will have to be in the form of a banker’s cheque, demand draft or pay order. Cash payments in excess of Rs. 25,000 but up to Rs. 50,000 will require presenting of PAN card.

  • Can I hold any foreign currencies with me? Can this be carried along during my visits abroad?

    The RBI Regulations allow for a person who resides in India to hold up to USD 3,000 or its equivalent in foreign currency, for personal purpose. This currency can be held during visits abroad over and above the foreign exchange purchased for the travel.

    However, any amount above USD 3,000, will have to be surrendered within 90 days from the date of return to India. If the foreign exchange held is in the form of a traveller’s cheque, then the time limit is 180 days.

  • Am I permitted to carry Indian currency when I go abroad?

    You are permitted to take currency notes up to Rs. 7,000 in aggregate when you leave India. On your return to India, the Indian currency notes should not exceed Rs. 7,000. Travel to Nepal and Bhutan are exempt to this ruling.

  • Am I entitled to foreign exchange if I am travelling by land?

    If you are travelling to a neighbouring country by bus or rail, you are entitled to purchase foreign exchange. This has to be purchased from authorised dealers or FFMCs.

  • Are there any special requirements for withdrawal of foreign exchange for business visits abroad?

    The sponsoring organisation has to submit an application on a letterhead, indicating the name, address, nationality, passport number, foreign exchange requirement and expenses of the trip of the traveller. This document should also state who is bearing the cost of the trip. The document has to be submitted to an authorised dealer or FFMC from whom foreign exchange is being purchased. If you are self employed, the same requirements have to be fulfilled.

  • Do I have to declare the foreign exchange I am carrying while visiting India?

    As such, there are no restrictions or limits for incoming travellers to bring foreign exchange into India, as long as it is declared at the time of arrival. Currency notes up to USD 5,000 does not require any declaration. However, if the total amount of currency and travellers’ cheque exceeds USD 10,000, a declaration is required.

    The particulars of foreign exchange brought in have to be filled in the Current Declaration Form (CDF) which is available at all airports and seaports.

  • During a business visit, can foreign exchange be released to a foreign national?

    If the visit of a foreign national is sponsored by a company in India or if a foreign national is employed on a regular basis by an organisation in India, foreign exchange may be released to foreign nationals.

    A letter in the below mentioned format has to be submitted on the company’s letterhead to the authorised dealer or FFMC. * You can download the format from the download area of our website.

    The Manager,
    FFMC or authorised dealer's name.........,

    Dear Sir,

    This is to confirm that Mr....... our......, is the holder of a valid residence permit...... of which we attach a copy. He has been resident of Mumbai since.........

    He has not received any foreign currency remittance from overseas during the period in which he has residence in India.

    He is withdrawing his salary in Indian rupees.

    Thank you.

    Authorised Signatory

    A copy of the residence permit of the traveller has to be submitted to the authorised dealer or FFMC. This is mandatory.

  • Is there a format that a company needs to follow if the BTQ is paid by the company?

    If BTQ is sponsored by a company, a letter in the below mentioned format, should be submitted on the company letterhead. * You can download the format from the download area of our website.


    The Manager,
    FFMC or authorised dealer's name.........,

    Dear Sir,

    This is to certify that Mr. /Ms........................................ is travelling abroad. All the expenses relating to the personal visit of the above-mentioned passenger, including foreign exchange will be borne by the company.

    Thank you,

    Authorised signatory.

  • What documents are required if a company sponsors foreign exchange for my trip?

    In the above scenario, the following documents will be required:

    • Company registration certificate / MOA / Shop and Establishment Certificate / Service Tax, VAT or any Tax Registration Challan.
    • Proof of designation in the company.
    • List of directors or partners.
    • Address proof of the company.
    • PAN card of the company.
    • Sponsor letter mentioned as per purpose of visit.
  • Can foreign nationals avail of BTQ?

    Only Indian residents are eligible for BTQ. Foreign nationals cannot avail this service.

  • Can unspent Indian currency be converted back again into foreign currency?

    If you are a foreign national passing through India after a visit, you can convert your unspent Indian currency into foreign currency 24 hours prior to departure. An encashment certificate, issued in its prescribed form by an authorised dealer or FFMC is required for this. This certificate is valid for 90 days from the date of the encashment certificate.

    A valid passport, confirmed ticket and encashment certificate are the documents required for this.

  • Can I send foreign exchange as gift or donation to a person residing outside India?

    In a year, an Indian resident can remit up to USD 5,000 or its equivalent as a gift or donation to a person or a charitable / educational / cultural / religious organisation residing outside India. Remittance exceeding this amount requires prior permission from the RBI.

  • Can I use International Credit Cards for foreign exchange transactions?

    International Credit Cards, Debit Cards and ATM Cards can be used for making personal payments abroad towards subscription of foreign journals and internet subscriptions. These instruments can also be used while travelling abroad, but only to the extent of the limits specified above. However, use of these instruments for payment in foreign exchange is not permitted in Nepal and Bhutan.


  • All transactions undertaken by Mickey Foreign Exchange Services Pvt. Ltd., is as per RBI guidelines.
  • The above information provided is as per the current RBI Regulations and is subject to change.
  • We do not accept Coins in foreign currencies.


Letter format for BTQ sponsored by the company.

Letter for foreign exchange to be released to a foreign national during a business visit.

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