The foreign exchange management act,1999
imteyaz farooquee
(Querist) 24 December 2014
This query is : Resolved
Dear Experts,
Please solve my problem, whether FEMA, is attracted in a case or not, if the police seized some incriminating articles including foreign currency, such as 100/- American dollar note ? Please answer in detail.
Devajyoti Barman
(Expert) 25 December 2014
ACADEMIC QUERY........PLS READ THE PROVISION OF LAW.
Rajendra K Goyal
(Expert) 25 December 2014
If the currency note was through authorized source, it can be kept. RBI Directives as follows.
On return from a foreign trip travellers are required to surrender unspent foreign exchange held in the form of currency notes within 90 days and travellers’ cheques within 180 days of return. However, they are free to retain foreign exchange upto USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their RFC(Domestic) Account without any limit. (http://www.rbi.org.in/scripts/FAQForex.aspx)
malipeddi jaggarao
(Expert) 25 December 2014
How much foreign currency you possess with you? $100 note anybody can possess. The RBI guidelines for holding foreign currency notes by resident individuals are as follows:
Residents are permitted to hold foreign currency up to US$2,000 or its equivalent provided the foreign exchange 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)
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)
acquired by him by way of honorarium or gift while on a visit to any place outside India (or)
acquired by him from an authorised person for travel abroad and represents the unspent amount thereof.
T. Kalaiselvan, Advocate
(Expert) 27 December 2014
Agreed with experts, especially Mr. Rajendra K Goyal and Mr. Malipeddi Jagga Rao.
