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ICICI Lombard Expert Blog

Good News for Indians Traveling Abroad

May 14 2012

Individuals considering an abroad trip will be happy to hear the news that the Reserve Bank of India is now allowing travelers to pull out more foreign money at one time.

The cash limit for money planned to be utilized in countries outside India has been greater than before. It has risen from $2,000 up to $3,000. This all-new sum is applicable to actual amount that individuals can easily carry at one time. This is not applicable to the amount that they can spend. The best part is that it will take effect almost instantly.

Travellers with credit cards are allowed to use these funds up to the maximum limit. This has been confirmed according to the news provider. However, there are certain restrictions placed who can actually receive this amount of cash. The providers will not be in a position to authorize foreign currency to anyone who plans a journey to Libya, Iraq, the Russian Federation, the Islamic Republic of Iran, and other Republics of Commonwealth of Independent States. Most individuals still must get the best of approval initially from the Reserve Bank of India. In another place, this restriction has been elevated.

The variations to this plan aim to make foreign trips and travel relaxed for residents of India, and this update characters the verdict's first revision since November 2001. The news has definitely come as great news for all those who want to go for a foreign and save a lot of efforts in the process. Foreign trip will be an easy and affordable affair for residents of India. With the decision coming into effect soon, it is quite possible for potential travellers plan trips to their favourite destination with their family and friends.

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