Should NRIs convert surplus funds into rupees now?
Transfer part of the funds you intended to convert right away and stagger the rest.
I was a 25-year-old in the mid-1990s. India had recovered from the brink of bankruptcy during which time there were controls on what you could import and how much; each letter of credit was carefully scrutinized by the bankers. After all, India’s foreign exchange reserves had dwindled to just three weeks of imports. On the personal front, too, foreign holidays meant you were officially allowed to take $250 out of the country every two years. Yes, for the entire trip.