The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. It is by far the largest financial market in the world.
For a traveler it is a must to carry foreign currency under the Basic Travel Quota (BTQ) scheme, resident Indian citizens are permitted to purchase foreign exchange up to U.S. $ 10.000/- its equivalent for undertaking in a calendar year one or more private visits to any country abroad (except Nepal and Bhutan). The foreign exchange can be purchased directly from any branch of an authorized dealer or from a full-fledged money-changer(FFMC).
A person can purchase foreign exchange for travel abroad against payment in cash if the rupee equivalent payable by him does not exceed Rs. 50,000. If the rupee value of foreign exchange exceeds Rs. 50,000, the entire payment should be made by way of a crossed cheque drawn on applicant's bank account or the bank account of the firm/company sponsoring the visit. Payment in such cases can also be made in the form of a banker's cheque/pay order/demand draft.
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