RESERVE BANK OF INDIA

RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) CENTRAL OFFICE MUMBAI 400 001 Notification No. FEMA HI(R)/2OI5-RB December 29, 2015 Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015 In exercise of the powers conferred by clause (a) and clause (e) of Section 9_ clause (d) and clause (g of sub-section of Section 47 of the Foreign Exchange Management Act; 1999 (42 of 1999) , and in supersession of Notification No FEMA 11/2000-RB dated May 3.2000, as amended from time t0 time, the Reserve Bank of India makes the following regulations, namely 1. Short title & commencement:- i) These regulations may be called as Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015. ii) They shall come into force from the date of their publication in the Official Gazette. 2. Definitions:- In these Regulations, unless the context requires otherwise i) 'Act" means Foreign Exchange Management Act, 1999 (42 of 1999). ii) 'To possess" or 'to retain' means to possess or to retain in physical form and the words 'possession' or 'retention' shall be construed accordingly. iii) The words and expressions used but not defined in these regulations shall have the same meaning respectively assigned to them in the Act 3. Limits for possession and retention Of foreign currency or foreign coins: - For the purpose of clause (a] and clause (e) of Section 9 of the Act; the Reserve Bank specifies the following limits for possession Or retention of foreign currency Or foreign coins, namely i) Possession without limit of foreign currency and coins by an authorised person within the scope of his authority; ii) Possession without limit of foreign coins by any person; iii) Retention by person resident in India of foreign currency note

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