FOREIGN EXCHANGE MANAGEMENT (REALISATION, REPATRIATION AND SURRENDER OF
FOREIGN EXCHANGE) REGULATIONS, 2000
Notification
No. 9 dated 3rd May 2000
GSR
392 (E), dated 3.5.2000: In
exercise of the powers conferred by section 8, sub-section (6) of section 10,
clause (c) of sub-section (2) of section 47 of the Foreign Exchange Management
Act, 1999 (42 of 1999), the Reserve Bank makes the following regulations
relating to the manner of, and the period for, realisation of foreign exchange,
repatriation of realised foreign exchange to India and its surrender, namely: -
(i)
These regulations may be called the Foreign Exchange Management (Realisation,
Repatriation and Surrender of Foreign Exchange) Regulations, 2000.
(ii)
They shall come into force on 1st day of June 2000.
In
these Regulations, unless the context requires otherwise, -
(i)
�Act� means Foreign Exchange Management Act, 1999 (42 of 1999):
(ii)
�Authorised dealer� means a person authorised as an authorised dealer
under sub-section (1) of section 10 of the Act;
(iii)
�foreign exchange due� means the amount which a person has a right to
receive or claim in foreign exchange;
(iv)
�surrender� means the selling of foreign exchange to an authorised
person in India in exchange of rupees;
(v)
the words and expressions used but not defined in these regulations shall
have the same meanings respectively assigned to them in the Act.
A
person resident in India to whom any amount of foreign exchange is due or has
accrued shall, save as otherwise provided under the provisions of the Act, or
the rules and regulations made thereunder, or with the general or special
permission of the Reserve Bank, take all reasonable steps to realise and
repatriate to India such foreign exchange, and shall in no, case do, or refrain
from doing anything, or take or refrain from taking any action, which has the
effect of securing-
(a)
that the receipt by him of the whole or part of that foreign exchange is
delayed; or
(b)
that the foreign exchange ceases in whole or in part to be receivable by
him.
(1)
On realisation of foreign exchange due, a person shall repatriate the
same to India, namely bring into, or receive in, India and-
(a)
sell it to an authorised person in India in exchange for rupees; OR
(b)
retain or hold it in account with an authorised dealer in India to the
extent specified by the Reserve Bank; OR
(c)
use it for discharge of a debt or liability denominated in foreign
exchange to the extent and in the manner specified by the Reserve Bank.
(2)
A person shall be deemed to have repatriated the realised foreign
exchange to India when he receives in India payment in rupees from the account
of a bank or an exchange house situated in any country outside India, maintained
with an authorised dealer.
A
person shall sell the realized foreign exchange to an authorised person under
clause (a) of sub-regulation (1) of regulation 4, within the period specified
below: -
(i)
foreign exchange due or accrued as remuneration for services rendered,
whether in or outside India, or in settlement of any lawful obligation, or an
income on assets held outside India, or as inheritance, settlement or gift,
within seven days from the date of its receipt;
(ii)
in all other cases within a period of ninety days from the date of its
receipt.
(1)
Any person who has acquired or purchased foreign exchange for any purpose
mentioned in the declaration made by him to an authorised person under
sub-section (5) of section 10 of the Act does not use it for such purpose or for
any other purpose for which purchase or acquisition of foreign exchange is
permissible under the provisions of the Act or the rules or regulations or
direction or order made thereunder, shall surrender such foreign exchange or the
unused portion thereof to an authorised person within a period of sixty days
from the date of its acquisition or purchase by him.
(2)
Notwithstanding anything contained in sub-regulation (1), where the
foreign exchange acquired or purchased by any person from an authorised person
is for the purpose of foreign travel, then, the unspent balance of such foreign
exchange shall, save as otherwise provided in the regulations made under the
Act, be surrendered to an authorised person-
(i)
within ninety days from the date of return of the traveller to India,
when the unspent foreign exchange is in the form of currency notes and coins;
and
|