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Hello- I'm carrying USD 30, 000 to the US. The split is USD25000 in travel check, USD 3000 in travel cards and USD 2000 in cash. I wanted to know if this in compliance with the Forex/Customs rules? Anyone carrying money in excess of USD 10000 needs to declare it on the Customs Declaration form and then fill the FinCen105. Is it a problem that I should fill this form? i basically want to deposit this money into my bank acct in the US so that I dont have to ask my relatives to remit the money to me and my I-20 clearly states that my fee for the 1st year is around USD40,000.
The RBI states that:
"What are the facilities available to students for pursuing their studies abroad ?
Ans. For studies abroad the estimate received from the institution abroad or USD 100,000, per academic year, whichever is higher, may be availed of from an AD Category I bank and AD Category II. Students going abroad for studies are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA, 1999. Educational and other loans availed of by students as residents in India can be allowed to continue. A student holding NRO account may withdraw and repatriate up to USD 1 million per financial year from his NRO account. The student may avail of an amount of USD 10,000 or its equivalent for incidental expenses out of which USD 3000 or its equivalent may be carried in the form of foreign currency while going for study abroad."
rgds
gaurav
The RBI states that:
"What are the facilities available to students for pursuing their studies abroad ?
Ans. For studies abroad the estimate received from the institution abroad or USD 100,000, per academic year, whichever is higher, may be availed of from an AD Category I bank and AD Category II. Students going abroad for studies are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA, 1999. Educational and other loans availed of by students as residents in India can be allowed to continue. A student holding NRO account may withdraw and repatriate up to USD 1 million per financial year from his NRO account. The student may avail of an amount of USD 10,000 or its equivalent for incidental expenses out of which USD 3000 or its equivalent may be carried in the form of foreign currency while going for study abroad."
rgds
gaurav
