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of <h1>Section 8 of FEMA Act: Obligations for Repatriating Foreign Exchange to India, Excluding Nepal and Bhutan Currency.</h1> Section 8 of the FEMA Act, 1999 mandates that individuals in India must take reasonable steps to realize and repatriate foreign exchange to India as specified by the Reserve Bank. The Foreign Exchange Management Regulations, 2015 outline the procedures for this process, excluding currency from Nepal and Bhutan. Exporters are obligated to follow these regulations to ensure timely repatriation of export proceeds. Regulations also define foreign exchange, including deposits and drafts in foreign currencies. The 2016 and upcoming 2023 Regulations specify how payments for exported goods and services should be received.
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