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Duty of persons to realise foreign exchange due - FEMA Ready Reckoner - FEMAExtract Duty of persons to realise foreign exchange due As per Regulation 3 of Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2015 A person resident in India to whom any amount of foreign exchange is due or has accrued shall take all reasonable steps to realise and repatriate to India such foreign exchange. He shall in no case do or refrain from doing anything, or take or refrain from taking any action, which has the effect of securing - (a) that the receipt by him of the whole or part of that foreign exchange is delayed; or (b) that the foreign exchange ceases in whole or in part to be receivable by him. This is subject to any provision under FEMA or permission from RBI, When funds can be kept abroad and need not be repatriated to India. As per section 2(y) of FEMA Act, 1999 Repatriate to India means bringing into India the realised foreign exchange and the selling of such foreign exchange to an authorised person in India in exchange for rupees, or the holding of realised amount in an account with an authorised person in India to the extent notified by the Reserve Bank, and includes use of the realised amount for discharge of a debt or liability denominated in foreign exchange and the expres sion repatriation shall be construed accordingly; Foreign Exchange due means the amount which a person has a right to receive or claim in foreign exchange - [ Regulation2 (iii) of Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2015]
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