Surrender of foreign exchange by person other than an individual resident of Inida - FEMA Ready Reckoner - FEMA

Surrender of foreign exchange by person other than an individual resident of India 1. Surrender of unspent foreign exchange for the purpose of other than travel [ Regulation 6(1) of Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2015 ] Foreign Exchange acquired or purchased by person (other than individual resident in India) for any purpose mentioned in the declaration made by him to an authorised person under sub-section (5) of Section 10 of the FEMA Act does not use it for permissible purpose should be surrender the same to authorised person within 60 days from date from date of acquisition or purchases ( except when the foreign exchange was purchased for foreign travel). 2. Surrender of unspent foreign exchange for the purpose of travel [ Regulation 6(2) of Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2015 ] Foreign Exchange acquired or purchased by person (other than individual resident in India) from an authorised person is for the purpose of foreign travel , then, the unspent balance of such foreign exchange should be surrendered to an authorised person - (a) within 90 days from the date of return of the traveller to India, when the unspent foreign exchange is in the form of currency notes and coins ; and (b) within 180 days from the date of return of the traveller to India, when the unspent foreign exchange is in the form of travellers cheques . 3. Period for surrender of realised foreign exchange:- Foreign exchange due or accrued by a person (other than individual resident in India) shall sell the realised foreign exchange to an authorised person under clause (a) of sub-regulation (1) of regulation 4 , within the period specified below; (1) within 7 days from the date of its receipt; in following cases remuneration for services rendered, whether in or outside India, or in settlement of any lawful obligation, or an income on assets held outside India, or as inheritance, settlement or gift, ; (2) within 90 days from the date of its receipt; in all other cases.