Amendments to Foreign Exchange Regulations: New Surrender Rules for Resident Individuals Under Regulation 6A Effective May 2007.

The Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) (Amendment) Regulations, 2007, effective from May 18, 2007, amends the 2000 regulations under the Foreign Exchange Management Act, 1999. The amendments specify that the terms "a person" and "any person" in regulations 5 and 6 are replaced with "a person not being an individual resident in India." A new regulation, 6A, is introduced, mandating that individuals residing in India must surrender any received, realized, unspent, or unused foreign exchange to an authorized person within 180 days of receipt or return to India.

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