3A.3
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Acquisition of Foreign Exchange by Residents
Reserve Bank has permitted by its Notification No.FERA.158/94-RB dated 24th February 1994, any person to receive payment in foreign currency/ies from any person resident outside India and who is on a visit to India for services rendered or in settlement of any lawful obligation, provided that any such foreign currency/ies held in excess of U.S.$ 2000 (Two thousand US dollars) inclusive of foreign currencies, if any, held for numismatic purposes or its equivalent, taking into account existing foreign currency holdings, if any, is sold to an authorised dealer within seven days from its receipt.