On return to India can one retain some foreign exchange?
Residents are permitted to hold foreign currency up to USD 2,000 or its equivalent or credit to their RFC(Domestic) Account without any limit provided the foreign exchange was – acquired by him while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or acquired by him, from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation, or acquired by him by way of honorarium or gift while on a visit to any place outside India; or acquired by him from an authorised person for travel abroad and represents the unspent amount thereof.
