RBI raises forex cap for overseas travellers to $3,000

People going abroad have reasons to cheer as now they will be entitled to get foreign exchange up to $3,000 against the existing limit of $2,000.

Following changes in the forex rules, travellers going abroad can get up to $3,000 or its equivalent amount in other currencies from forex dealers without prior permission of the Reserve Bank.

"The existing limits have been reviewed and it has been decided to increase this ceiling, with immediate effect," RBI said in a notification yesterday.

These provisions, however, will not apply to persons going to certain specified countries like Iraq, Libya, Iran, Russia and the CIS countries.

The notification further said persons going to Libya or Iraq will continue to get up to $5,000 or its equivalent in other currencies while the existing provisions for travellers to Iran, Russia and CIS countries will remain unchanged.

Forex dealers and money changers can also sell foreign exchange in other currencies other than American dollar up to $3,000.