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Surrender of foreign exchange: timelines require non individual holders to remit unspent or realised funds to authorised persons. Persons other than individual residents of India must surrender unspent foreign exchange to an authorised person within sixty days if not used for the declared purpose, except travel purchased exchange. For travel purchases, unspent currency notes must be surrendered within ninety days of return and travellers cheques within one hundred eighty days. Realised foreign exchange due or accrued must be sold to an authorised person: within seven days when arising as remuneration, lawful settlement, income on foreign assets, or inheritance/settlement/gift; and within ninety days in other cases.
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Provisions expressly mentioned in the judgment/order text.
Surrender of foreign exchange: timelines require non individual holders to remit unspent or realised funds to authorised persons.
Persons other than individual residents of India must surrender unspent foreign exchange to an authorised person within sixty days if not used for the declared purpose, except travel purchased exchange. For travel purchases, unspent currency notes must be surrendered within ninety days of return and travellers cheques within one hundred eighty days. Realised foreign exchange due or accrued must be sold to an authorised person: within seven days when arising as remuneration, lawful settlement, income on foreign assets, or inheritance/settlement/gift; and within ninety days in other cases.
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