Synopsis
of the new regulations is given as under:
A.
Following
are the limits for possession or retention of foreign currency or foreign coins
:-
i.
possession
without limit of foreign currency and coins by an authorised person within the
scope of his authority ;
ii.
possession
without limit of foreign coins by any person;
iii.
retention
by a person resident in India of foreign currency notes, bank notes and foreign
currency travellers' cheques not exceeding US$ 2000 or its equivalent in
aggregate, provided that such foreign exchange in the form of currency notes,
bank notes and travellers cheques;
a.
was
acquired by him while on a visit abroad by way of payment for services not
arising from any business in or anything done in India; or
b. was acquired by
him, from non resident and who is on a visit to India, as honorarium or gift or
for services rendered or in settlement of any lawful obligation; or
c.
was
acquired by him by way of honorarium or gift while on a visit to any place
outside India; or
d.
represents
unspent amount of foreign exchange acquired by him from an authorised person
for travel abroad.
B.
A
person temporarily resident in India may possess foreign currency without limit
in the form of currency notes, bank notes and travellers cheques, if such
foreign currency was acquired, held or owned by him when he was resident
outside India and, has been brought into India in accordance with the
regulations.
The
new regulations shall come into force with
effect from December 29, 2015.
Based on RBI Circular dt 04/02/16. Please visit www.rbi.org.in for any further clarification if required….. Poppy
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