Travellers can keep forex for 180 days: RBI

In a move that would provide some comfort to Indian globe trotters, Reserve Bank of India (RBI) on Friday doubled to six months the duration for retaining unspent foreign exchange.

"It will be in order for any resident individual to surrender received/realised/unspent/unused foreign exchange to an authorised person within a period of 180 days," RBI said in a notification issued in Mumbai.

The liberalised norms for retaining foreign exchange for different categories come in the midst of burgeoning foreign exchange reserves, which have swelled to more than $200 billion - a development that many analysts attribute to appreciation of the Indian rupee.

RBI has also fixed the time limit for return of unspent or unused foreign exchange by individuals for any other purpose like inheritance, settlement or gift at six months.

Earlier, there were different time limits for returning foreign exchange depending upon the form and purpose for which it was taken.

While travellers were required to return the unused foreign currency within 90 days, the time-limit was 180 days if the forex was obtained in the form of travellers cheque.

Foreign exchange that could not be used for the purpose it was obtained was required to be surrendered within 60 days.

The circular follows the announcement made by RBI in its annual Credit Policy last month.