As millions of tourists and business people from the South Asian country visit the Emirates every year, the UAE has become home to around 3.7 million Indian nationals.
Moreover, there have been some instances where people were stopped and arrested for carrying millions of dirhams and Indian currency in cash. Earlier this month, the Indian media reported that a man heading to Dubai was detained at Mumbai airport after Customs officials found around Dh1.42 million cash in his bag.
According to the information on the central bank- Reserve Bank Of India – website, travelers coming to the UAE and traveling to most countries can purchase foreign currency for only up to $3,000 per visit. The regulator allows NRIs to carry more amounts in the form of store value cards, traveler’s cheques, or bank cheques.
However, travelers to Iraq and Libya can carry foreign exchange up to $5,000 per visit.
According to the apex bank website, people flying to Russia, Iran, and the Commonwealth of Independent States can bring out foreign exchange up to $ 250,000 through foreign currency notes or coins.
Moreover, Indian nationals going for Hajj and Umrah can also carry $250,000 in cash.
When traveling to India?
As per RBI, a resident of India, who has gone out of the country on a visit, may bring on Indian currency notes up to an amount; not exceeding Rs25,000. However, people from Nepal or Bhutan can bring rupee notes in denominations of at most 100 rupees.
Furthermore, a person visiting India for a visit from abroad can carry foreign exchange without any limit.
According to RBI,” If the combined value of the foreign exchange in the form of bank notes, currency notes or traveler’s cheques brought in exceeds $10,000, or it is equivalent. The value of foreign currency alone exceeds $5,000 or its equivalent, and it should be announced to the Customs Authorities at the Airport in the Currency Declaration Form on arrival in India.”
