Synopsis of the new regulations is given
as under:
Duty
of persons to realise foreign exchange due:-
A
person resident in India to whom any amount of foreign exchange is due shall take
all reasonable steps to realise and repatriate such foreign exchange to India.
He shall take all steps in order to avoid,
(a)
the
receipt of foreign exchange getting delayed; or
(b)
the
foreign exchange ceases to be receivable by him.
Manner of Repatriation :-
(b)
retain
or hold it in account with an authorised dealer; or
(c)
use
it for discharge of a debt or liability denominated in foreign exchange.
A person shall be deemed to have
repatriated the foreign exchange to India when he receives the payment in
rupees from the account maintained with an authorised dealer.
Period for
surrender of realised foreign exchange:-
A non resident
shall sell the realised foreign exchange to an authorised person, within the
period specified below :-
i)
foreign
exchange due as remuneration for services rendered, or in settlement of any
lawful obligation, or an income on assets held outside India, or as
inheritance, settlement or gift, within seven days from the date of its
receipt;
ii)
in
all other cases within a period of ninety days from the date of its receipt.
Period for surrender in certain cases:-
(1)
Any
non resident who has acquired or purchased foreign exchange for any purpose
mentioned in the declaration made by him, does not use it for such purpose or
for any other purpose for which the acquisition is permissible, shall surrender
such foreign exchange within a period of sixty days from the date of its
acquisition.
Where
the foreign exchange acquired any non resident is for the purpose of foreign
travel, then, the unspent balance shall, be surrendered-
(i) within ninety
days from the date of return to India, when the unspent foreign exchange is in
the form of currency notes and coins; and
(ii) within one
hundred eighty days from the date of return, when the unspent foreign exchange
is in the form of travellers cheques.
Period
for surrender of received/realised/unspent/unused foreign exchange by Resident
individuals-
A
resident Indian shall surrender the foreign exchange whether in the form of
currency notes, coins and travellers cheques, etc. within a period of 180 days
from the date of such acquisition or date of his return to India.
Exemption:-
Nothing in these
regulations shall apply to foreign exchange in the form of currency of Nepal or
Bhutan.
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
pls. help me how much usd can surrender individualy and payment can get cash in indian rupees
ReplyDelete