Foreign Exchange Management Act, 1999
Section - 9 - Exemption from realisation and repatriation in certain cases
Exemption from realisation and repatriation in certain cases.
9. The provisions of sections 4 and 8 shall not apply to the following, namely:-
| (a) | - | possession of foreign currency or foreign coins by any person up to such limit as the Reserve Bank may specify; |
| (b) | - | foreign currency account held or operated by such person or class of persons and the limit up to which the Reserve Bank may specify; |
| (c) | - | foreign exchange acquired or received before the 8th day of July, 1947 or any income arising or accruing thereon which is held outside India by any person in pursuance of a general or special permission granted by the Reserve Bank; |
| (d) | - | foreign exchange held by a person resident in India up to such limit as the Reserve Bank may specify, if such foreign exchange was acquired by way of gift or inheritance from a person referred to in cl .... To read the full section download the app from Google Play store
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