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Section 4, Foreign Exchange Mgt. Act 1999: Holding of foreign exchange

Section 4 (Holding of foreign exchange, etc) under Chapter II (Regulation and Management of Foreign Exchange) of the Foreign Exchange Management Act 1999 (FEMA)

❝Save as otherwise provided in this Act, no person resident in India shall acquire, hold, own, possess or transfer any foreign exchange, foreign security or any immovable property situated outside India.❞




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Notes:

The Foreign Exchange Management Act, 1999 was amended by:
- the Finance Act, 2015 (Act No. 20 of 2015);
- the Finance Act, 2016 (Act No. 28 of 2016);
- the Finance Act, 2017 (Act No. 07 of 2017).

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