Export of foreign exchange permitted subject to regulatory permissions and retention rules governing unspent currency on departure. Regulation 7 permits authorised persons to send out foreign currency acquired in the normal course of business and allows persons to take or send abroad cheques on foreign currency accounts, foreign exchange drawn from an authorised person under law, and currency in vessel or aircraft safes with Reserve Bank permission. It also permits taking out foreign exchange possessed or unspent retained under the Possession and Retention Regulations, and allows non-resident persons to take out unspent declared foreign exchange brought in on arrival.
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.
Export of foreign exchange permitted subject to regulatory permissions and retention rules governing unspent currency on departure.
Regulation 7 permits authorised persons to send out foreign currency acquired in the normal course of business and allows persons to take or send abroad cheques on foreign currency accounts, foreign exchange drawn from an authorised person under law, and currency in vessel or aircraft safes with Reserve Bank permission. It also permits taking out foreign exchange possessed or unspent retained under the Possession and Retention Regulations, and allows non-resident persons to take out unspent declared foreign exchange brought in on arrival.
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