TaxTMI 
TaxTMI 
Exemption from provisions relating to holding /repatriation of Foreign Exchange [ Section 9 ]
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....oreign exchange earned is realised and repatriated to India. However, in following cases, The foreign exchange can be held or need not be repatriated to India • Possession of foreign currency:- possession of foreign currency or foreign coins by any person up to such limit as the Reserve Bank may specify; • Foreign currency account :- foreign currency account held or op....
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....employment, business, trade, vocation, services, honorarium, gifts, inheritance or any other legitimate means up to such limit as the Reserve Bank may specify; and • RBI to specify by issuing regulations:- such other receipts in foreign exchange as the Reserve Bank may specify. Limits for possession and retention of foreign currency or foreign coins - [ Regulation 3 of th....
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....hange in the form of currency notes, bank notes and travellers cheques; • (a) was acquired by him while on a visit to any place outside India • by way of payment for services not arising from any business in or anything done in India; or • (b) was acquired by him, from any person not resident in India and who is on a visit to India, • as honorari....