Residents of India are allowed to carry up to Rs. 25,000 though. There's no limit, however, to how much foreign currency you can bring into India. Although, you will have to declare it if the amount exceeds US$5,000 in notes and coins, or US$10,000 in notes, coins, and traveller's cheques².
Under the Reserve Bank of India's Liberalized Remittance Scheme (LRS), Indians are allowed to freely remit up to $250,000 (around Rs 1.80 crore) per financial year for any permissible transactions. How much cash can you carry? Travellers are allowed to purchase foreign currency notes / coins only up to $3000 per visit.
There is no limit on the foreign currency that you can carry to India. However, you need to file a declaration if the currency value exceeds USD 5,000 or the total foreign exchange exceeds USD 10,000.
New Delhi: Indians should be banned from keeping more than ₹ 15 lakhs in cash at home, suggested a team of experts assigned by the Supreme Court to fight and recover black money today.
"It is worth noting that though there are no restrictions on receiving payment in cash for sale of anything like jewellery, property, etc., however, if the value of a single transaction is more than Rs 2 lakh, then in such cases the seller cannot receive more than Rs.
“We would recommend between $100 to $300 of cash in your wallet, but also having a reserve of $1,000 or so in a safe at home,” Anderson says. Depending on your spending habits, a couple hundred dollars may be more than enough for your daily expenses or not enough.
There's no exact number, but it should amount to an entire day's worth of expenses. For example, if you have to pay for parking, the amount should cover that, plus the rest of your day-to-day costs, like your gas, groceries, etc. As a rule of thumb, keep $100 to $300 in your front pocket wallet. Why this amount?
'Don't carry more than ₹50,000 cash without valid documents'
The cash amount of over Rs 2 lakh in one single transaction has been banned since 2017 by the government as part of a legal measure to check black money.
Though ECI guidelines say that carrying up to Rs 50,000 without supporting documents might also invite interrogation, when the amount is Rs 10 lakh or more, the I-T department will have to detect the source of money.
It is not illegal to fly with a large amount of cash on a flight. However, if you are traveling on an international flight and have more than $10,000 in your possession, then you must disclose the amount of U.S. Currency in your possession on a FinCEN 105 form.
Finding secure and clever places to hide your emergency fund can safeguard the security of your assets; think of it as making a bank within your home. Common advice is to keep some cash at your house, but not too much. The $1,000 cash fund Prakash recommended for having at home should be kept in small denominations.
A common guideline for emergency savings is to set aside enough for three to six months' worth of expenses. But you might choose to save nine to 12 months' worth of expenses if you're worried about a prolonged emergency draining your savings.
It's far better to keep your funds tucked away in an Federal Deposit Insurance Corporation-insured bank or credit union where it will earn interest and have the full protection of the FDIC.
You are losing out to inflation
By not putting your cash in a bank account where it can earn interest, you will be harder hit by inflation. In fact, your cash is certain to lose buying power over time. Say you hid $1,000 around your house a decade ago, in January 2012.
Even though it is technically not illegal to travel with large amounts of cash, it is definitely suspicious to many law enforcement officers. Carrying a large amount of cash can result in asset forfeiture and seizure, even if you are not arrested for an offense.
Try dividing up your cash, and leaving some of it in a safe, secure location. If you're with others, consider asking them to carry a little bit of your cash, in case of an emergency. However, any cash that you give to others should be equally well-concealed in order to ensure your collective safety and prevent theft.
There are no legal limits on how much cash you can fly with. However, both your airline and your insurer may have rules that you should check before departure. If you are travelling with large amounts of cash, airport security may also wish to ask you questions.
According to an Air India source, "We do not have a specific limit on cash to be carried on our domestic flight but there needs to be substantial documentary evidence to establish the source of the cash."