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of <h1>Foreign Exchange Exemptions: Key Provisions Clarify Currency Possession, Transfer, and Inheritance Rules Under FEMA</h1> The statutory provision outlines exemptions from foreign exchange realization and repatriation requirements under the Foreign Exchange Management Act. It specifies circumstances where sections 4 and 8 do not apply, including possession of foreign currency within specified limits, foreign currency accounts, foreign exchange acquired before a certain date, inherited or gifted foreign exchange, and foreign exchange obtained through legitimate means, subject to Reserve Bank specifications.
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