FAQs

How much of currency and travel card can I buy?

A resident Indian can buy upto USD 3000 in currency notes per overseas trip (except Nepal & Bhutan). Remaining amount can only be purchased in form of travel card. Manglik forex provides travel card in both visa and master card which is safe and convenient way of carrying forex. There is higher currency notes limit for following countries:

USD 5000 for travel to Iraq & Libya
Full quota for CIS countries & Iran
Full quota for Hajj/Umrah (subject to limit set by Hajj committee)

What documents are required to buy foreign exchange for travel abroad?

To buy currency notes or travel card for your travel abroad following documents are required.

Application cum declaration under LRS
Passport
Valid visa
Confirmed ticket
PAN card

What documents to send money abroad(remittance)?

There are 17 purposes for which you can send money abroad through Manglik forex. There are 7 more purposes for which money can be remitted overseas as Manglik forex has referral arrangement for these. For detailed documentation requirement of each category please refer to product - remittance section.

Can I pay part in INR cash and part through bank transfer while buying exchange?

For buying exchange worth Rs. 50,000 and above the payment has to be mandatoriy through bank transfer. INR cash payment is allowed below Rs. 50,000 only. Splitting of payment between INR cash and cheque / bank transfer is not allowed.

Why PAN card is mandatory for buying foreign exchange?

Any amount of foreign exchange purchased by resident Indians is part of their annual LRS entitlement (Liberlised Remittance Scheme). As per current limits a resident indian can purchase upto USD 250,000 in a financial year for all purchases listed under LRS e.g. travel, higher studies, gift, maintenance of close relatives. This LRS limit is inclusive of LRS transactions of capital nature e.g. purchase of property abroad, investment in shares / subsidiaries. To track this usage PAN has been made mandatory and required for every release of exchange under LRS.

Why is necessary to have original passport and PAN card while buying exchange?

The authorised moneychanger has to verify originals while issuing forex. This is to part of KYC process and also required to avoid misuse of copies by someone.

Is it mandatory to carry invoice of foreign exchange purchase while travelling abroad?

It is advisable to carry invoice of foreign exchange purchase as it may be demanded at airport by agencies to ensure that the foreign exchange has been legitimately obtained by the traveler.

Is forex available to minors also?

The foreign exchange can be purchased by minors also since every resident Indian is entitled for annual quota of LRS. However guardians / parents are required to countersign application for release of forex.

Can I carry forward my unused LRS quota of this financial year to next financial year?

The unused LRS quota of USD 2.50 lacs per annum (as of now) for a resident Indian lapses on 31st March i.e. end of financial year. It is not allowed to carry forward unused balance to next financial year. From 1st April there is fresh quota of LRS available to resident Indians.

Can I send money abroad for purchasing property and investing in shares abroad?

Remittance for following purposes comes under capital account transactions of LRS. Manglik forex has suitable arrangements to remit money for all following purposes (subject to satisfactory documentation). For documentation requirement please refer to product - remittance section.

Bank account abroad
Purchase of property abroad
Investment abroad – in shares, mutual funds and in debt
Investment in Subsidiary or joint venture abroad
Loan to NRI relatives

Can I send money as gift to foreigners?

This is part of LRS scheme (current account transactions). While Gift can be sent to foreign passport holder also, remittance for maintenance can be done for close relatives only. This is subject to satisfactory verification of remitter and supporting documents. No need of opening bank account for doing remittance under this purpose.

Can I send money as maintenance exp for any of my relatives?

This is part of LRS scheme (current account transactions). While Gift can be sent to foreign passport holder also, remittance for maintenance can be done for close relatives only. This is subject to satisfactory verification of remitter and supporting documents. No need of opening bank account for doing remittance under this purpose.

Who is authorised money changer?

There are four types of money changing licenses each type having defined scope by Reserve bank of India. Manglik Forex is authorised dealer Cat II having wide role of releasing exchange for 17 purposes. Manglik Forex undertakes overseas remittances for various purposes and makes all products available to travellers.
Following are the categories of moneychangers and their scope:

Authorised dealer Cat I -Banks (Commercial, state / urban cooperative banks) - All Capital & Current account FX transactions
Authorised dealer Cat II - Upgraded moneychangers & cooperative banks - Current account FX transactions (17 types)
Authorised dealer Cat III - Financial institutions for whom forex is incidental - FX sale only for internal. No money changing business
Full fledged money changer (FFMC) - Moneychangers with single/multiple locations (Min capital 25 or 50 lacs) - FX sale only for tourism & business, no remittance.

I am travelling to two countries. Can I buy USD 3000*2 in currency notes?

Traveler visiting multiple countries will be counted as single trip for issuance of forex. In a singled journey covering more than one country will be counted as one trip for issuance of foreign exchange. Maximum currency notes worth USD 3000 can be issued and balance amount to be taken in travel card or travellers cheque.

What is benefit of taking forex through travel card? Is there any extra fee in using travel card abroad?

Travel card is most safe and convenient way of carrying forex abroad. Look at following banefits:

Choice – from Visa & Master card.
Wide acceptability – acceptable over 22 lacs ATMs worldwide and 7 lacs point of sale outlets.
Secure – Chip based card protected from misuse.
Online payment – the travel card can also be used for making foreign currency payments online.
Tracking – funds usage, balance and history can be tracked online by the user.
Top up – Forex gets loaded while traveler is abroad and in need of more funds.
Accidental insurance – upto to a particular limit the insurance comes as added feature in most travel cards.

I have USD 5000 to encash in Indian rupees. Can I get payment in INR cash?

Resident Indians can encash upto USD 1000 equivalent against INR cash payment. Above this payment thrugh cheque / bank transfer only. Non residents / foreigners can be paid INR cash upto USD 3000 equivalent against encashment.

Can a foreigner working and permanently staying in India buy forex for travel abroad?

Foreigners working and permanently staying in India are eligible to buy forex for private visit. Those who are in India for a short term visa and not permanently staying are not eligible to buy forex.

Can a person of Indian origin (PIO) or overseas citizen of India (OCI) buy forex in India?

PIO / OCI card holders not permanently staying in India - not eligible to buy forex. Only foreign passport holders who are permanently staying in India can buy forex for private visit.

How to reconvert INR into foreign currency while travelling back from India?

Foreigners / non residents can reconvert INR into forex against their encashment certificate subject to following :

Valid passport and visa required
Departure from India is within 7 days (confirmed ticket required)
Valid encashment certificate (Not needed upto INR 10,000)
Against ATM slip upto Rs. 50,000

Can travel card be reloaded while holder is still travelling abroad?

Yes. If the traveller has valid visa, travel card can be reloaded based on reload application from the traveller. If the traveller has come back to India the travel card can only be reloaded against fresh travel ticket (confirmed) and valid visa. Payment of reload has to come from bank account of traveller or from sponsoring companies account.

Do you provide traveller cheques? Is there any extra fee on issuance of traveller cheques? Is it advisable to carry travellers cheques?

Manglik Forex is stockist of American Express travellers cheque for many decades. Each of units of Manglik forex has sufficient stock of travelers cheques in all major currencies. There is no extra fee on issuance of travellers cheques but at time of encashment while travelling overseas the outlet may charge fee. Also the number of outlets worldwide where travelers cheques can be encashed or used for buying something has gone down. With few outlets accepting travelers cheques many travelers prefer to carry forex in travel cards these days.

I have some USD currency notes. Can I convert these notes directly into Euro for my Europe visit?

You can covert USD currency notes to Indian rupees (encashment) and from INR proceeds you can buy currency of the destination. Manglik forex provides 30 different types of currency notes covering most part of the globe.

Frequently Asked Questions