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FAQ

FAQ

Frequently Asked Question

How much foreign exchange can be taken for a trip abroad?

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.

What are the various documents required to purchase foreign currency?

You will need your passport, PAN, a valid visa, and a confirmed air ticket.

Can I place my order for currency or remittance through online at Fireforex.in?

Yes, you can place an order through the website, or through whatsapp link given on website.

What if my trip is cancelled or postponed after buying forex?

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.

Will I have to submit my transactional documents physically after sending the soft copy of mail or whatsapp?

Absolutely No, our service executive will take print out and get it signed at the time of delivery. Please make sure each document must be signed by the traveller.

How long does it take you to provide doorstep delivery?

Orders received will be delivered at the time and address mentioned by you in the Smart Fx App.

Are rates published on the website are updated?

The rates published on website are updated on real time basis as they are connected to the
live market.

Is one required to surrender foreign coins also to an authorized dealer?

There is no restriction on residents holding foreign coins.

What documents do I need when surrendering or selling currency?

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.

Can a third party make payments on my behalf to buy foreign exchange?

No, third party payment is not allowed as per RBI guidelines.

Who can pay for my foreign exchange?
  • Self
  • Spouse
  • Father or Step Father
  • Mother or Step Mother
  • Son and step son
  • Son’s Wife
  • Daughter and Daughter’s husband
  • Brother or Step brother
  • Sister or Step Sister
Are children and minors also entitled to foreign exchange when they travel abroad?

Yes, children of all ages are allowed same entitlements (limits) as adults, But Minors/children below age of 12 cannot carry Forex card.

Can Non-resident Indians, foreigners buy foreign exchange for personal / leisure travel?

The foreign nationals must stay in India minimum 3 years and above , having pan card , permanent residency in India and also applicant is not availing of facilities for remittances of his salary, savings, etc ., abroad in terms of extant regulations

* Similarly, Foreign born wife of an Indian national staying in India minimum 3 years and above , having pan card , permanent residency in India and also applicant is not availing of facilities for remittances of his salary, savings, etc., abroad in terms of extant regulations

 

How much forex can be brought into India by a foreigner or a Non-resident Indian?

No limit on amount of foreign exchange that can be brought into India. However, currency notes beyond USD 5000 (equivalent) and up to USD 10000 (total) need to be reported at customs and currency declaration form (CDF) obtained
CDF is required whenever currency / forex surrender exceeds respective limits.

How much is the GST/SGST on Foreign Currency Conversion?

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:

  • 0.18% of the gross amount of currency exchanged for an amount upto Rs 100,000, subject to the minimum amount of Rs 45
  • Rs 180 and 0.09% of the gross amount of currency exchanged for an amount of rupees exceeding Rs 100,000 and upto Rs 10,00,000
  • Rs 990 and 0.018 % of the gross amount of currency exchanged for an amount of rupees exceeding Rs 10,00,000, subject to a maximum of Rs. 10,800/-