Section 3 in The Foreign Exchange Management (Possession And Retention Of Foreign Currency) Regulations, 2000
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 with 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.
