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of <h1>Residents Holding Foreign Exchange: Section 9 FEMA Exemptions Explained; RBI Sets Limits for Possession and Repatriation.</h1> Section 9 of the Foreign Exchange Management Act (FEMA) provides exemptions to the general prohibition against holding or repatriating foreign exchange by residents in India. These exemptions include limits set by the Reserve Bank of India (RBI) for possession of foreign currency or coins, foreign currency accounts, and foreign exchange acquired before July 1947. Residents may retain foreign currency acquired through gifts, inheritance, or legitimate means up to specified limits. The RBI regulates these limits and allows possession without restriction for authorized persons and foreign coins. Residents temporarily in India can hold foreign currency acquired abroad without limit if brought in accordance with regulations.
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