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Section 9 of FEMA 1999: Exemption from Realisation & Repatriation

Section 9 (Exemption from realisation and repatriation in certain cases) under Chapter II (Regulation and Management of Foreign Exchange) of the Foreign Exchange Management Act 1999 (FEMA)

❝The provisions of sections 4 and 8 shall not apply to the following, namely:—

 (a) possession of foreign currency or foreign coins by any person up to such limit as the Reserve Bank may specify;

 (b) foreign currency account held or operated by such person or class of persons and the limit up to which the Reserve Bank may specify;

 (c) foreign exchange acquired or received before the 8th day of July, 1947 or any income arising or accruing thereon which is held outside India by any person in pursuance of a general or special permission granted by the Reserve Bank;

 (d) foreign exchange held by a person resident in India up to such limit as the Reserve Bank may specify, if such foreign exchange was acquired by way of gift or inheritance from a person referred to in clause (c), including any income arising therefrom;

 (e) foreign exchange acquired from employment, business, trade, vocation, services, honorarium, gifts, inheritance or any other legitimate means up to such limit as the Reserve Bank may specify; and

 (f) such other receipts in foreign exchange as the Reserve Bank may specify.❞




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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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