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