Limits on retention of foreign currency: residents may retain limited notes and travellers' cheques subject to prescribed acquisition conditions. Regulation 3 allows possession without limit of foreign currency and coins by an authorised person within scope of authority and possession without limit of foreign coins by any person. It permits a resident to retain foreign currency notes, bank notes and travellers' cheques up to a specified aggregate equivalent provided the foreign exchange was acquired while visiting abroad as payment for services not arising from business in India; received from a non-resident visitor as honorarium, gift, payment for services, or settlement of a lawful obligation; received as honorarium or gift while abroad; or represents unspent travel foreign exchange from an authorised person.
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.
Limits on retention of foreign currency: residents may retain limited notes and travellers' cheques subject to prescribed acquisition conditions.
Regulation 3 allows possession without limit of foreign currency and coins by an authorised person within scope of authority and possession without limit of foreign coins by any person. It permits a resident to retain foreign currency notes, bank notes and travellers' cheques up to a specified aggregate equivalent provided the foreign exchange was acquired while visiting abroad as payment for services not arising from business in India; received from a non-resident visitor as honorarium, gift, payment for services, or settlement of a lawful obligation; received as honorarium or gift while abroad; or represents unspent travel foreign exchange from an authorised person.
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