I learned from an RBI approved Forex dealer that the current annual limit of carrying FX is USD 250,000.

USD 3000 in currency and balance in TCs which you can deposit to your bank here.

This applies to both Indians and OCIs .

Where's the catch?

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Fido.

As Sumjo said as a Canadian citizen in India, you will not be allowed to buy foreign currency, so those options of cash and TCs are ruled out if you want to transfer legally.

You will need to transfer the funds to NRO account and get form 15CA/CB filled by CA to make an outward remittance from India.

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Give free food http://www.thehungersite.com ||

Fido,

This forex amount is for Indian citizens only, not for Foreign PP holders/OCIs.
We, as OCIs with CAD PP can only bring into India up to USD $5000 without declaring it to customs. Anything above that has to be reported at the point of arrival in India.
While gong back, if questioned/searched, if you are carrying up to $5000, you should be ok, they cant penalize you. Anything above that, its at the discretion of the officer where bribe/penalty/forfeit of the extra amount comes into play.

Quote:

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Originally posted by Fido

I learned from an RBI approved Forex dealer that the current annual limit of carrying FX is USD 250,000.

USD 3000 in currency and balance in TCs which you can deposit to your bank here.

This applies to both Indians and OCIs .

Where's the catch?

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sumjo