Possession limits for foreign currency clarify resident retention conditions and unlimited holding by authorised persons. Regulations permit authorised persons unlimited possession of foreign currency and coins within their authority and allow any person unlimited possession of foreign coins. Residents may retain foreign currency notes, bank notes and travellers' cheques up to a prescribed aggregate limit provided the foreign exchange was acquired while abroad for non business services, received from a visiting non resident as gift/honorarium/payment or settlement of a lawful obligation, received as gift/honorarium while abroad, or represents unspent foreign exchange obtained for travel.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Possession limits for foreign currency clarify resident retention conditions and unlimited holding by authorised persons.
Regulations permit authorised persons unlimited possession of foreign currency and coins within their authority and allow any person unlimited possession of foreign coins. Residents may retain foreign currency notes, bank notes and travellers' cheques up to a prescribed aggregate limit provided the foreign exchange was acquired while abroad for non business services, received from a visiting non resident as gift/honorarium/payment or settlement of a lawful obligation, received as gift/honorarium while abroad, or represents unspent foreign exchange obtained for travel.
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