Role of Authorized money changers and Dealers in Forex ...

How many dollars can I carry from India to Canada?

Summers are here, planning to travel abroad?
Willing to travel but have a lot of questions regarding your first international trip or a trip to abroad? Well, there is nothing bad or full of remorse in there, whatever it requires, is nothing bad or weird to hear about. People who are planning there very first trip abroad tend to have questions that are as immature as a kid of five years old to a mature person with valid doubts and dilemmas.
Since, Canada is a country that has a higher number of Indians migrated there, it is seen that people often buy the CAD. To know the Canadian Dollar rate India there are many ways. However, the best way to do so is through an Online Marketplace like BookMyForex and be free from worries.

For instance, it doesn’t matter that what is going to be the reason behind your question, money is always the necessity that people think of. After all, none wants to take the responsibility of losing their hard-earned money.
Thus, questions from Where to travel? Why to travel? How to travel? Are not just limited to this option, it spreads its roots to how much money goes in an international trip? Do I need to get dollars only? How to get the currencies exchanged? How much money should I get exchanged? Where to get the best solution? What’s the limit settled on the currency that one can take?
All these questions are quite valid and to get the answers for them, this blog is your answer. Read further to know or get the clarification from the information that we have curated here for you. We understand the concoctions one goes through while planning on these trips. Also, not just that, how essential money is for you all who have earned it through their hard work. The biggest question is answered hereunder:
While planning your first trip the first question that should come to one’s head should be about money or currency. Currency exchange should be well understood, the source of currency exchange should be genuine, and the return of your hard-earned money should be such that you don’t get looted.
Here is the valid answer as per the RBI Quotes “In connection with private visits abroad, viz., for tourism purposes, etc., foreign exchange up to US$10,000, in any one calendar year may be obtained from an authorised dealer.
The ceiling of US$10,000 is applicable in aggregate and foreign exchange may be obtained for one or more than one visits provided the aggregate foreign exchange availed of in one calendar year does not exceed the prescribed ceiling of US$10,000 {The facility was earlier called B.T.Q or F.T.S.}.
This US$10,000 (BTQ) can be availed of by a person along with foreign exchange for travel abroad for any purpose, including for employment or immigration or studies. However, no foreign exchange is available for visit to Nepal and/or Bhutan for any purpose.”- Source
Besides, this should be understood that it doesn’t matter whether how many times one person is travelling or has travelled. The total limit of 2,50,000$ on a person for a year would not change nor it will increase. If you have travelled to USA or to Canada or anything, anywhere. The limit of your per year amount will just get lesser than before because your limit is non- revival bounded.
Thus, it doesn’t matter whether it is a CAD or NZD or USD. The limit remains the limit and the deduction remains the deduction.
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How Do You Choose Right a Currency Exchange Provider?

How Do You Choose Right a Currency Exchange Provider?
Planning a foreign trip and wondering where is the ideal place to buy foreign exchange in India? Should you be looking at a multi currency travel money card or buy USD online? Read on for things to consider when you are choosing a currency exchange provideservice:
https://preview.redd.it/06w5knegyjl11.png?width=1400&format=png&auto=webp&s=c1c2e5604f0c19d24f11b68e7761ce9fc720500e
  • First, you would need to consider your options. Would you want to go to banks or regular currency vendors/dealers? You could even buy USD online or for that matter, most currencies. You can buy from banks or even from national post offices so there are no chances of acquiring counterfeit currency. In case you don’t hold an account in a specific bank, the bank may choose to carry out transactions through cards so you end up paying convenience fees. When you go to private dealers/vendors, you should ensure that they are a credible name, and have the requisite authorisation from RBI, India’s central bank.
  • Don’t exchange from the first vendor you see. Compare rates from at least a couple of vendors when you set out to buy foreign exchange in India.
  • Avoid exchanging currency at airports or other travel-related kiosks. Airports charge a high exchange rate as they try to cash in on travellers looking for exchange at the last minute. It is also best to avoid buying forex from local bazaars or markets where there are many unauthorised dealers.
  • Buying from an online exchange is also one option. You can check latest forex rates and buy foreign exchange when the rates are most favourable for you.
  • Use the 80-20 rule when you carry foreign exchange. You can carry 80 per cent of the funds by way of a multi currency travel money card and the remaining 20 per cent in cash. Carrying heavy cash means constantly being worried about safety. So, when you carry a majority of your spending on a travel card, you cut down on your anxiety and enjoy the holiday.
  • Also, make sure you get your foreign exchange a week ahead of your trip because it allows you to watch for any major fluctuations. It gives you greater leeway to plan. If you leave it too late, you have no option but to accept whatever value is offered.
  • Using a forex travel card is safe and you can preload multiple currencies. You can use any well-known bank to obtain one. The process is fairly simple as well. The advantage of using a forex card is that the value of the currency loaded is frozen at the time of your getting it and is not vulnerable to variations in exchange rates later. There are no risks involved because the card is not linked to your bank account. On the other hand, a debit or credit card can make your bank account vulnerable to theft. Transaction fees are high on credit/debit cards as well.
  • Keep these tips in mind and have a fun-filled and worry-free holiday!
POLL: How do you carry money on your trips abroad? By cash, travel card or an international credit card, and which option has worked best for you?

Source : https://yourexpertguide.wordpress.com/2018/09/10/things-to-consider-when-choosing-a-currency-exchange-provide
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Forex brokers in India should be regulated by the SEBI and should be authorized by the relevant authorities to ensure that all companies follow the FEMA guidelines on Forex trading. India is also highly proactive in its anti-money laundering laws, and the Indian Government is very thorough in its policies that deter its citizens from investing in overseas brokers. While the SEBI and the ... Foreign Exchange Dealers in India represent Authorized Dealers i.e. commercial banks. They are front line users of the Foreign Exchange Market and their primary function is to be “price providers” to other users, viz., importers and exporters, and investors with inward and outward capital flows. Forex Association of India is a self-financing body. The Association tries to ensure that the ... The forex market in India is regulated by Reserve Bank of India. Authorized money changers and Authorized money dealers play a major role in Forex transactions in India. Role of Authorized Money Changers in foreign exchange. Authorized money changers are one of the most important participants in foreign exchange market in India. In order to provide facilities for encashment of foreign currency ... FEDAI was set up in 1958 as an Association of banks dealing in foreign exchange in India (typically called Authorised Dealers ADs) as a self regulatory body and is incorporated under Section 25 of The Companies Act, 1956. It's major activities include framing of rules governing the conduct of inter-bank foreign exchange business among banks vis-Ã -vis public and liaison with RBI for reforms ... Categories of Authorized Dealers in India. SI NO. Category of ADs: Qualifying Entities: Activities/Functions: 1: Authorized Dealers Category – I (ADs- I ) All Commercial Banks And Scheduled banks registered Under RBI Act. Urban Co-operative Banks (To some prescribed extent). It deals in all type of current ant capital account transaction according to the norms and procedure laid down by RBI ... Trendz Forex India is licensed and regulated by Reserve Bank of India and has been creating waves by putting on an impressive performance right from its inception. We are called by different names say - Money Changers, Authorized Dealers, Forex Changers, Forex Dealers etc Trendz Forex India offers highly competitive rates for the currencies of over 75 countries. India has a somewhat confusing standpoint by allowing Forex trading but limiting it to certain requirements. For example, foreign Forex companies are welcome and have free hands, while Indian citizens are restricted to trade under certain conditions (which will be discussed below). India also maintains proper authorities to keep oversight over the financial markets in the country, which are in ...

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