Explain the "Manner of Repatriation" of Foreign Exchange as per the Foreign Exchange Management Act, 1999.
CS Executive · Economic, Business and Commercial Laws · PYQS · December 2024
Explain the "Manner of Repatriation" of Foreign Exchange as per the Foreign Exchange Management Act, 1999.
Answer & Explanation:
According to the Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2015, on realisation of foreign exchange due, a person shall repatriate the same to India, namely bring into, or receive in, India and – sell it to an authorised person in India in exchange for rupees; or retain or hold it in account with an authorised dealer in India to the extent specified by the Reserve Bank; or use it for discharge of a debt or liability denominated in foreign exchange to the extent and in the manner specified by the Reserve Bank. A person shall be deemed to have repatriated the realised foreign exchange to India when he receives in India payment in rupees from the account of a bank or an exchange house situated in any country outside India, maintained with an authorised dealer.
Topics: Economic Laws
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