AKBARFOREX
FREE DELIVERY FROM 70 LOCATIONS IN INDIA

FAQ

FAQ

1. How Much Foreign Exchange Can I Buy When Traveling Abroad On Personal Visits

For personal visits to abroad, any resident can obtain foreign exchange in one financial year up to USD 2,50,000 or equivalent, irrespective of the times of visits undertaken during the year. Foreign exchange is not available for visit to Nepal and/or Bhutan for any purpose.

 

 2. For Business trip, how much forex can be availed?

Business trips abroad to countries other than to Bhutan and Nepal, a person can avail up to USD 250,000 or equivalent in one financial year, irrespective of the times of visits undertaken during the year.

 

 3. How do I know that my order is confirmed?

 akbarforex.com will send you a confirmation Email to your mail address that you enter during your order, to confirm.  In this mail, you will be provided with a "Unique Reference Number" along with your details and the documents you`ll need when you complete the order. We make it a point to call our customers right after the order is booked to answer any queries.

 

 4. What possible locations where I can finish my order and receive my forex or Indian Rupees?

Akbar forex has a network of over 70 locations including major cities in India, which becomes easy for us and you to finish the order for pick up or delivery.

 

 5. How much do you charge for doorstep delivery?

Doorstep delivery charges are fixed at Rs 200 per transaction. Charges can be waived off if the order exceeds 50,000. 

 

 6. How Much Foreign Currency Notes Can I buy for travel abroad?

USD 3000 or equivalent you can purchase in foreign currency notes.  Balance amount can be carried in the form of Travel Cards.

 

  7. What Is this Prepaid Forex Card?

Most economical travel instruments to carry forex overseas. These cards are pre loaded with the currency and the amount that you need to carry when you travel overseas. Prepaid Forex cards are available on Visa Platform and give you the choice of loading upto 23 Currencies on it.

 

  8. How can I pay for the foreign exchange purchased on Akbarforex.com?

Upto Rs. 49,999 (per traveller), you can pay by cash. 

If the total amount due exceeds Rs. 50,000 you are only allowed to pay using one of the following payment modes: 

 

CHEQUE,RTGS or NEFT for instant acceptance (Subject to clearance; rates may change in this case)

 

  9. Currency Notes!  Do I see any separate limit?

USD$ 3000 individually per traveller. Balance amount can be taken in the form of Traveler’s Cheque or Prepaid Travel Cards. There are exceptions to this rule as per following: 

(a) If you are flying to Iraq and Libya, you can draw foreign exchange in the form of foreign currency notes and coins not exceeding US$ 5000 or its equivalent 

(b) Flying to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States you can draw entire foreign exchange in the form of foreign currency notes or coins. For travelers to  Haj/ Umrah pilgrimage, full amount of BTQ entitlement (USD 250,000) in cash or up to the cash limit as specified by the Haj Committee of India, may be released by the ADs and FFMCs.

 

  10. Which Currencies Are The Prepaid Forex Cards Available?

British pounds, US Dollars, Euro, Japanese Yen, Australian Dollars, Canadian Dollars, Swiss Francs, Singapore Dollar, New Zealand Dollar, UAE Dirham, Saudi Riyal, Danish Krone , Hong Kong Dollar, Thai Baht, Swedish Krona, Norwegian Krona and South African Rand. The Prepaid Forex Card is reloadable and valid for a period of 5 years from the date of issue which is printed on the card. As this is a Foreign Currency card, usage is limited only to foreign countries excluding India, Nepal and Bhutan as per RBI guidelines. On your next overseas trip, you can recharge your Card through Akbarforex.com. Just provide the card number, along with the revelent documents and make the payment; your Card will be credited with the new amount. This is subject to RBI regulations. (For latest on RBI regulation: www.rbi.org.in) 

 

 11. Can I Use The Card In India?

Foreign Currency card usage is limited only to foreign countries excluding India, Nepal and Bhutan as per RBI guidelines.

 

 12. For studies abroad can I Take Foreign Exchange in Shape Of Pre-Paid Cards, Traveler’s Cheques?

Except cash currencies forex for studies abroad can be taken in all forms  where the limit of USD 3000 applies. Pre-paid cards can be re- loaded by student’s parents / guardians at any time. TCs  can be taken only when the student is physically present in India for the transaction

 

 13. In Cases Of Overseas Medical Treatment what is the foreign exchange limit?

Up to USD 2,50,000 or its equivalent for the patient going abroad for medical treatment or checkup.

Upto USD 2,50,000 for accompanying as attendant to a patient going abroad for medical treatment/checkup.

Personal Visit entitlement of USD 2,50,000 per annum can be availed over and above the specified amount under this scheme

 

 14. Travelling abroad for employment how much foreign exchange can be availed?

A person going abroad for employment can purchase foreign exchange up to USD 2,50,000.

 

 15. Can Non resident Indians, foreigners buy foreign exchange for personal / leisure travel?

 Non Resident Indians living in India beyond 180 days are eligible to purchase forex under the said scheme

 Foreign Nationals permanently resident in India are eligible to avail of this quota provided the applicant is not availing of facilities for remittance of his/her salary, savings etc. abroad in terms of the existing FEMA regulations.

 

 16. The definition of an Indian resident?

Person resident in India" is defined in Section 2(v) of FEMA, 1999 as :

A person residing in India for more than 182 days during the course of the preceding financial year but does not include:

1. A person who has gone out of India or who stays outside India, in either case -

* For taking up employment outside India

*For carrying on outside India a business or vocation

*For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period

 

2. A person who has come to or stays in India, in either case, except:

* For taking up employment in India

* For carrying on in India a business or vocation in India

* For any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period

* Any person or body corporate registered or incorporated in India

* An office, branch or agency in India owned or controlled by a person resident outside India

* An office, branch or agency outside India owned or controlled by a person resident in India

 

 17. Any exceptions to the travel entitlement (limit) restrictions? 

For Travelers proceeding to Iraq or Libya exchange in the form of currency notes may be sold up to limit not exceeding US$ 5,000 or its equivalent per resident individual in a financial year (total USD 2,50,000) For Travelers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States, entire exchange (USD 2,50,000) can be released in the form of currency notes. Travelers proceeding to Pakistan, Bangladesh or Myanmar by land route are eligible up to limit of US$ 2,50,000 or its equivalent per resident individual in a calendar year. For Airline staff, open ticket may be accepted. Proof of Airline staff will be required by the bank

 

 18. What documents do I need for personal / leisure travel?

Original and valid passport

Valid visa for the country of travel (except where VISA on arrival applies)

Confirmed ticket-showing travel within 60 days of taking foreign exchange

PAN (Form 60/61 in case PAN missing)

 

  19. How Much Forex Can Be Brought Into India By A Foreigner Or A Non Resident Indian?

No limit on amount of foreign exchange that can be brought into India. However currency notes beyond USD 5000 (equivalent) need to be reported at customs and currency declaration form (CDF) obtained

Customer Declaration Form (CDF) is required whenever currency / forex surrender exceeds respective limit

 

  20. Can my spouse may the payment from his/her account for my travel abroad?

Yes, it is allowed. Any close relative (Blood relation) or Spouse can make the payment for your Purchase.

 

  21. What Documents Do I Need For Business Travel?

Original and valid passport

Valid visa for the country of travel (except where VISA on arrival applies)

Confirmed ticket-showing travel within 60 days of taking foreign exchange

PAN copy for all forex transactions in cases where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available

Pan card is mandatory for transaction above Rs. 25,000 if payment mode is cash.

 

   22. What Documents Do I Need When Surrendering / Selling Currency?

 Passport in cases of NRI’s / Foreign Visitors. A Govt. photo ID such as passport, driving license, Voter’s ID,Aadhaar card, etc.

Currency Declaration form if the amount in foreign currency exceed USD 5000.

 

 23.Is it ok if I purchase My Foreign Currency In Cash/ INR?

Yes. Foreign exchange for your personal/business foreign trip can be purchased from Akbar forex online against rupee payment in cash only up to Rs. 50,000. However, if the INR equivalent exceeds Rs. 50,000, the entire payment should be made by way of a crossed cheque/ banker’s cheque/ pay order/ demand draft/ debit card / credit card / prepaid card only. Please note that providing a PAN Card is mandatory for payments above INR 200000 by bank channels.

 

  24. How Long Does It Take You To Provide Doorstep Delivery?*

Deliver on the same day for order received prior to 1pm. Any order received after 1 pm may still be delivered on the same working day however in the case, we guarantee delivery on the next working day.

 

     25. How Safe is it To Use My Credit/Debit Card On Akbarforex.Com For Booking/Completing A Transaction?

Your online transaction with us is processed over a secure  connection and with  the highest levels of encryption available. All credit card and debit card payments on Akbarforex.com are processed through a secure and trusted payment gateway and your credit card/ debit card/ netbanking information is not stored on our servers.

 

  26. What is the definition of "close relative"?

The following are considered to be close relatives:

1. Members of HUF (Hindu Undivided family)

2. Husband & Wife

3. Father (Provided that the term "Father" includes step-father)

4. Mother (Provided that the term "Mother" includes the step-mother)

5. Son (Provided that the term "Son" includes the step-son)

6. Son's wife

7. Daughter

8. Daughter's husband

9. Brother (Provided that the term "Brother" includes the step-brother)

10. Sister (Provided that the term "Sister" includes the step-sister)

 

  27. What is your cancellation policy ?

 Orders, if not utilized within one working day, will automatically be cancelled and the entire payment made to Akbarforex.com (2 percent) will be forfeited. 

 

  28. For how long are prepaid cards valid?

Prepaid Cards have a validity upto 5 years from the date of purchase or mentioned in the card whichever is earlier.

 

  29. How much is the GST on Foreign Currency Conversion?

As stipulated by the Government of India, any conversion from one currency to another - sale & encashment will be charged a GST on the gross amount of currency exchanged as per the following slabs:

0.18% of the gross amount of currency exchanged for an amount upto Rs 100,000, subject to Rs 45 as minimum amount.

 Rs 180 and 0.09% of the gross amount of currency exchanged for an amount of rupees exceeding Rs 100,000 and upto Rs 10,00,000

Rs 990 and 0.018 % of the gross amount of currency exchanged for an amount of rupees exceeding Rs 10,00,000, subject to a maximum of Rs.10,800/-

 30.How will I know that my card is activated?

Once the card is activated, you will receive a message and E-mail to your registered contact number and E-Mail ID. You can visit  the net banking option and simply can do balance Inquiry.

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