Are Indian residents required to surrender foreign exchange acquired/held by them?

Question: Are persons resident in India required to surrender foreign exchange acquired/held by them?

Answer(s)

Raju Kanumuri: Yes. Residents receiving foreign exchange from abroad by way of gift, inheritance, remuneration for services rendered, etc. are required to bring it to India within three months acquiring the foreign exchange and surrender it to an authorised dealer within seven days from its receipt in India. This rule also applies to non-residents who return to India for a purpose other than temporary visits.

Source : Reserve Bank Of India

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