Q 1. How much foreign exchange can be taken for a trip abroad ?Ans: Foreign exchange can be taken under private visit category governed by the overall LRS limit of USD 2,50,000 per traveler in a single financial year, as per regulations. However, only USD 3000 of that amount can be carried as currency notes for a particular trip– the balance has to be in the form of prepaid forex cards.
Q 2. What are the various documents required to purchase foreign currency ?Ans: You will need your passport, PAN, a valid visa, and a confirmed air ticket.
Q 3. Can I place my order on a holiday through the WSFx Smart Fx App ?Ans: Yes, you can place an order through the App however the transaction will be processed on the next working day.
Q 4. What if my trip is cancelled or postponed after buying forex ?Ans: In the event of cancellation of the journey, the foreign exchange drawn for this specific travel must be surrendered within 60 days from the date of its purchase.
Q 5. Will I have to submit my transactional documents physically after uploading in the WSFx Smart Fx App ?Ans: Yes, our service executive will pick up the physical documents from your mentioned address on the app. Please make sure to keep them ready and signed on time.
Q 6. How do I know that my order placed in the WSFx Smart Fx App is confirmed ?Ans: Once you complete your order on the Smart Fx App, we will send you a confirmation mail and an SMS to the registered email address and mobile number you enter at the time of Sign up. In this mail, you will be provided with a "Unique Order Reference Number" along with your order details.
Q 7. How long does it take you to provide doorstep delivery ?Ans: Orders received will be delivered at the time and address mentioned by you in the Smart Fx App.
Q 8. Are rates published on the Smart Fx App updated ?Ans: The rates published on the Smart Fx App are updated on real time basis as they are connected to the live market.
Q 9. Can I purchase multiple currencies & products in one order in the Smart Fx App ?Ans: Yes, you can add multiple currencies & products you wish to purchase in one order. You just need to add the currency/product in the order cart and proceed.
Q 10. Is one required to surrender foreign coins also to an authorized dealer ?Ans: There is no restriction on residents holding foreign coins.
Q 11. What documents do I need when surrendering or selling currency ?Ans: While surrendering currency we will need your identification doc and proof of address. If the amount exceeds USD 5,000 in cash or exceeds USD 10,000 in total, you will also need a Currency Declaration form.
Q 12. Can a third party make payments on my behalf to buy foreign exchange ?Ans: No, third party payment is not allowed as per RBI guidelines.
Q 13. Who can pay for my foreign exchange ?Ans:
Q 14. Are children and minors also entitled to foreign exchange when they travel abroad ?Ans: Yes, children of all ages are allowed same entitlements (limits) as adults, But Minors/children below age of 12 cannot carry Forex card/Travelers cheque.
Q 15. Can Nonresident Indians, foreigners buy foreign exchange for personal / leisure travel ?Ans:
Q 16. What is the definition of an Indian resident ?Ans:"Person resident in India" is defined in Section 2(v) of FEMA, 1999 as :
Q.17. How much forex can be brought into India by a foreigner or a Nonresident Indian ?Ans:
Q 18. How much is the GST/SGST on Foreign Currency Conversion ?Ans: As stipulated by the Government of India, any conversion from one currency to another - sale, encashment & remittance will be charged a GST/SGST on the gross amount of currency exchanged as per the following slabs: