Possession and retention of foreign currency: RBI regulations set conditions and compliance obligations for holding and retaining currency. Regulation of possession and retention of foreign currency is established under the Foreign Exchange Management Act, authorising the monetary authority to prescribe conditions for holding foreign currency including lawful possession, retention periods, and limits; the notification publishes the regulations as the administrative instrument implementing statutory exchange control powers and creating compliance obligations for persons holding foreign currency.
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Provisions expressly mentioned in the judgment/order text.
Possession and retention of foreign currency: RBI regulations set conditions and compliance obligations for holding and retaining currency.
Regulation of possession and retention of foreign currency is established under the Foreign Exchange Management Act, authorising the monetary authority to prescribe conditions for holding foreign currency including lawful possession, retention periods, and limits; the notification publishes the regulations as the administrative instrument implementing statutory exchange control powers and creating compliance obligations for persons holding foreign currency.
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