EXEMPTIONS
CIRCUMSTANCES WHERE HOLDING AND REPATRIATION OF FOREIGN EXCHANGE
IS "EXEMPTED" FROM FEMA RULES
In following circumstances, the provisions of FEMA will not apply
with regard to Holding and Repatriation of Foreign Exchange:
1. Possession of foreign currency or foreign coins
by any person upto such limit as the Reserve Bank may specify. 2. Foreign
currency account held or operated by such person or class of persons and the limit
upto, which the Reserve Bank specifies. 3. 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. 4. Foreign Exchange held by a person
resident in India upto such limit as the Reserve Bank may specify, if such foreign
exchange was acquired by way of gift or inheritance from a person who acquired
or received it before 8th of July 1947 or if the income has occurred to him, which
was held outside India in pursuance of a general or special permission granted
by the Reserve Bank. 5. Foreign Exchange acquired from employment, business,
trade vocation, services, honorarium, gifts, inheritance or any other legitimate
means upto such limit as the Reserve Bank may specify. 6. Such other receipt
in foreign Exchange as the Reserve Bank may specify.
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