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Section 4: Possession of foreign exchange by a person resident In India but not permanently resident therein

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

Without prejudice to clause (iv) of Regulation 3, a person resident in India but not permanently resident therein may possess without limit foreign currency in the form of currency notes, bank notes and travellers cheques, if such foreign https://www.rbi.org.in/Scripts/BS_FemaNotifications.aspx?Id=165 https://www.rbi.org.in/Scripts/BS_FemaNotifications.aspx?Id=165 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 made under the Act.

Explanation : for the purpose of this clause, 'not permanently resident' means a person resident in India for employment of a specified duration (irrespective of length thereof) or for a specific job or assignment, the duration of which does not exceed three years.

(B P Kanungo) Principal Chief General Manager Published in the Official Gazette of Government of India – Extraordinary – Part-II, Section 3, Sub-Section (i) dated 29.12.2015- G.S.R.No.1006(E)

Where this provision sits

ActExchange Management (Possession and Retention of Foreign Currency) Regulations, 2015.
Section4
Marginal notePossession of foreign exchange by a person resident In India but not permanently resident therein
JurisdictionCentral
StatusIn force as published by the source

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