On return to India can one retain foreign exchange?
Residents have the choice of either holding foreign currency up to USD 2,000 or its equivalent or credit the amount to their RFC(Domestic) Accounts provided the foreign exchange was acquired by them:- a. while on a visit abroad as payment for services not arising from any business in or anything done in India; or b. as honorarium or gift or for services rendered or in settlement of any lawful obligation from any person who is not resident in India and who is on a visit to India; or c. as honorarium or gift while on a visit to any place outside India; or d. from an authorised person for travel abroad and represents the unspent amount thereof.
A.16. Residents have the choice of either holding foreign currency upto USD 2,000 or its equivalent or cedit the amount to their RFC (Domestic) Accounts provided the foreign exchange was acquired by them:- a. while on a visit abroad as payment for services not arising from any business in or anything done in India; or b. as honorarium or gift or for services rendered or in settlement of any lawful obligation from any person who is not resident in India and who is on a visit to India; or c. as honorarium or gift while on a visit to any place outside India; or d. from an authorised person for travel abroad and represents the unspent amount thereof.
