Regulation 3 - Limits for possession and retention of foreign currency or foreign coins - Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015

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 a person resident in India of foreign currency notes, bank notes and foreign currency travellers' cheques not exceeding US$ 2000 or its equivalent in aggregate, provided that such foreign exchange in the form of currency notes, bank notes and travellers cheques; (a) 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 (b) was 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 (c) was acquired by him by way of honorarium or gift while on a visit to any place outside India; or (d) represents unspent amount of foreign exchange acquired by him from an authorised person for travel abroad.