Possession of foreign currency: residents not permanently resident may hold unlimited currency notes and travellers cheques acquired abroad and brought into India. A person resident in India but not permanently resident may possess without limit foreign currency in the form of currency notes, bank notes and travellers cheques if such foreign currency was acquired, held or owned when he was resident outside India and has been brought into India in accordance with the regulations made under the Act; 'not permanently resident' means a person resident in India for employment of a specified duration or for a specific job or assignment not exceeding three years.
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 of foreign currency: residents not permanently resident may hold unlimited currency notes and travellers cheques acquired abroad and brought into India.
A person resident in India but not permanently resident may possess without limit foreign currency in the form of currency notes, bank notes and travellers cheques if such foreign currency was acquired, held or owned when he was resident outside India and has been brought into India in accordance with the regulations made under the Act; "not permanently resident" means a person resident in India for employment of a specified duration or for a specific job or assignment not exceeding three years.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
