Foreign exchange

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suman (Querist)

27 May 2013 being indiviual how much foreign currency a person can have in its account?wht to do if money exceeds dat limit?

Mannu

Mannu (Expert)

27 May 2013 In case of individual a person resident in India can open, hold and maintain with an authorized dealer in India, a Resident Foreign Currency (Domestic) Account, out of foreign exchange acquired in the form of currency notes, Bank notes and travellers cheques from any of the sources like, payment for services rendered abroad, as honorarium, gift, services rendered or in settlement of any lawful obligation from any person not resident in India. The account may also be credited with/opened out of foreign exchange earned like proceeds of export of goods and/or services, royalty, honorarium, etc., and/or gifts received from close relatives (as defined in the Companies Act) and repatriated to India through normal banking channels. The account shall be maintained in the form of Current Account and shall not bear any interest. There is no ceiling on the balances in the account.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)

14 July 2013 Any payment received from abroad is directly credited in the bank account and no Indian can hold money in foreign currency in India except whatever has been stated by the expert.

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