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of <h1>RBI issues Foreign Exchange Management Regulations 2000 governing possession and retention of foreign currency by Indian residents</h1> The Reserve Bank of India issued the Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2000 under powers conferred by the Foreign Exchange Management Act, 1999. These regulations, notified on May 3, 2000, became effective from June 1, 2000. The regulations govern the possession and retention of foreign currency by persons in India, establishing the legal framework for foreign exchange management compliance and enforcement mechanisms under the central banking authority's regulatory oversight.
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