Exemptions to foreign exchange holding and repatriation permit specified retention and possession under RBI limits and conditions. Section 9 of FEMA permits specified exemptions to the prohibitions on holding and repatriation of foreign exchange, allowing possession or retention within limits prescribed by the Reserve Bank, operation of foreign currency accounts for specified persons, and retention of foreign exchange acquired before 8 July 1947 or held under RBI permission. The RBI regulations set categories with unlimited possession, an aggregate cap for currency notes and travellers' cheques subject to source based conditions, and a carve out for residents not permanently resident who brought in foreign currency acquired abroad.
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.
Exemptions to foreign exchange holding and repatriation permit specified retention and possession under RBI limits and conditions.
Section 9 of FEMA permits specified exemptions to the prohibitions on holding and repatriation of foreign exchange, allowing possession or retention within limits prescribed by the Reserve Bank, operation of foreign currency accounts for specified persons, and retention of foreign exchange acquired before 8 July 1947 or held under RBI permission. The RBI regulations set categories with unlimited possession, an aggregate cap for currency notes and travellers' cheques subject to source based conditions, and a carve out for residents not permanently resident who brought in foreign currency acquired abroad.
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