RBI/2015-16/312
A.P. (DIR Series) Circular No. 47/2015-16 [(1)/11(R)]
February 04th 2016
To
All Category - I Authorised Dealers and Authorised Banks
Madam/ Sir
Foreign Exchange Management (Possession and Retention of Foreign
Currency) Regulations, 2015
Attention of Authorised Dealers (ADs) is invited to Foreign Exchange
Management (Possession and Retention of Foreign Currency) Regulations, 2015
notified vide
Notification No. FEMA. 11(R)/2015-RB dated December 29, 2015, c.f.
G.S.R. No.1006 (E) dated December 29, 2015, which supersedes the Foreign
Exchange Management (Possession and Retention of Foreign Currency) Regulations,
2000 and all amendments thereto.
2. Synopsis of the new regulations is given as under:
A. Following are the limits for possession or retention of foreign currency
or foreign coins, namely :-
- possession without limit of foreign currency and coins by an authorised person
within the scope of his authority ;
- possession without limit of foreign coins by any person;
- retention by a person resident in India of foreign currency notes, bank notes
and foreign currency travellers' cheques not exceeding US$ 2000 or its
equivalent in aggregate, provided that such foreign exchange in the form of
currency notes, bank notes and travellers cheques;
- 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
- was acquired by him, from any person not resident in India and who is on a visit
to India, as honorarium or gift or for services rendered or in settlement of any
lawful obligation; or
- was acquired by him by way of honorarium or gift while on a visit to any place
outside India; or
- represents unspent amount of foreign exchange acquired by him from an authorised
person for travel abroad.
B. A person resident in India but not permanently resident therein may possess
without limit foreign currency in the form of currency notes, bank notes and
travellers cheques, if such foreign currency was acquired, held or owned by him
when he was resident outside India and, has been brought into India in
accordance with the regulations made under the Act.
Explanation: for the purpose of this clause, 'not permanently resident' means a
person resident in India for employment of a specified duration (irrespective of
length thereof) or for a specific job or assignment, the duration of which does
not exceed three years.
- The new regulations have been notified vide
Notification No. FEMA.
11(R)/2015-RB dated December 29, 2015, c.f. G.S.R. No.1006 (E) dated December
29, 2015 and shall come into force with effect from December 29, 2015.
- AD Category- I banks may bring the contents of the circular to the notice of
their constituents concerned.
- The directions contained in this circular have been issued under Section
10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and
are without prejudice to permissions/ approvals, if any, required under any
other law.
Yours faithfully,
(B P Kanungo)
Principal Chief General Manager
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