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Section 3: Limits for possession and retention of foreign currency or foreign coins

Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015.Central Regulations · 1999

For the purpose of clause (a) and clause (e) of Section 9 of the Act, the Reserve Bank specifies the following limits for possession or retention of foreign currency or foreign coins, namely :- 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 to any place outside India by way of payment for services not arising from any business in or anything done in India; or

(b) was acquired by him, from any person not resident in India 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.

Where this provision sits

ActExchange Management (Possession and Retention of Foreign Currency) Regulations, 2015.
Section3
Marginal noteLimits for possession and retention of foreign currency or foreign coins
JurisdictionCentral
StatusIn force as published by the source

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