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of <h1>Indian Residents Must Repatriate Foreign Funds to India Under Section 8 of FEMA, 1999</h1> Section 4 of the Foreign Exchange Management Act (FEMA), 1999, prohibits residents of India from acquiring, holding, owning, possessing, or transferring foreign exchange, foreign securities, or immovable property located outside India, unless otherwise specified by the Act. For instance, if an Indian resident receives a foreign bank balance, such as US$ 10,000 from a relative abroad, they must repatriate the funds to India in compliance with Section 8 of the Act.
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