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UNSPENT FOREIGN EXCHANGE, REMITTANCES FOR TOUR ARRANGEMENTS, IMPORT OF SERVICES - ISSUE OF GUARANTEE, CASES WHERE EXCHANGE CAN EXCEED OVERALL LRS LIMIT, ESOP FOREIGN SECURITIES, INCOME - TAX CLEARANCE, FEMA PRINCIPLE ON CURREN
How long can an individual retain unspent foreign exchange in the form of foreign currency notes after returning to India?
An individual can retain unspent foreign currency notes up to USD 2,000 or its equivalent indefinitely; amounts beyond this must be surrendered to an Authorised Dealer within 90 days of return.
What is the maximum period for which unspent foreign exchange in traveller's cheques can be retained after returning to India?
Up to 180 days from the date of return.
Within how many days must unspent foreign exchange held in a foreign currency account (EEFC or RFC) be credited after returning to India?
Unspent foreign exchange in traveller's cheques or foreign currency must be deposited into an RFC account or surrendered to an AD within 180 days of return to India.
Which FEMA regulation specifically deals with permissible current account transactions for individuals?
Foreign Exchange Management (Current Account Transactions) Rules, 2000.
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