RBI raised cash limit for foreign travel to $3,000

The Reserve Bank of India has raised the cash limit for foreign travel to $3,000 from $2,000 with immediate effect.

Now people traveling abroad can carry foreign exchange up to $3,000 or its equal amount in other currencies without the central bank's approval.

The bank said, "The existing limit has been reviewed and it has been decided to increase this ceiling, with immediate effect."

RBI had assessed this ceiling in November 2001.

However, for an amount over $3,000 the travelers have to take permission from the central banking institution.

The central bank has clarified that the new limit will not be applicable to those traveling to Iraq, Libya, Iran, Russia and the CIS (former Soviet central Asian republics) nations.

It said, people traveling to Iraq and Libya can carry $5,000, and added that the provisions for travelers to Iran, Russia and CIS nations have not been modified