Foreign Exchange Management Act : Exemption from realization and repatriation in certain cases. Indian

Foreign Exchange Management Act,1999

Act No : 42

Section : Exemption from realization and repatriation in certain cases.

9. Exemption from realization and repatriation in certain cases. -The provisions of sections 4 and 8 shall not apply to the following, namely:- (a) possession of foreign currency or foreign coins by any person up to such limit as the Reserve Bank may specify; (b) foreign currency account held or operated by such person or class of persons and the limit up to which the Reserve Bank may specify; (c) foreign exchange acquired or received before the 8th day of July, 1947 or any income arising or accruing thereon which is he ld outside India by any person in pursuance of a general or spec ial permission granted by the Reserve Bank; (d) foreign exchange held by a person resident in India up to su ch limit as the Reserve Bank may specify, if such foreign exchan ge was acquired by way of gift or inheritance from a person refe rred to in clause (c), including any income arising therefrom; (e) foreign exchange acquired from employment, business, trade, vocation, services, honorarium, gifts, inheritance or any other legitimate means up to such limit as the Reserve Bank may specif y; and (f) such other receipts in foreign exchange as the Reserve Bank may specify.