2. Section 8 of FEMA, 1999 states that where any amount of Japanese Yen, Euro, Canadian Dollar and Australian Dollar are
foreign exchange is due or has accrued to any person resident the currencies designated by the Reserve Bank. It is now
in India, such person shall take all reasonable steps to realize liberalized FCNR (B) deposits can be maintained in any
and repatriate to India such foreign exchange to India. In this
permitted currency. Permitted currency' means a foreign
context there have been liberalization:
currency which is freely convertible.
A person resident in India is free to hold, own, transfer
or invest in foreign currency, foreign security or any
immovable property situated outside India if such For any further clarification you may get in touch with your team at
currency, security or property was acquired, held or
owned by such person when he was resident outside
India or inherited from a person who was resident
Taxpert Professionals
outside India.
Visit us at:
An investor can retain and reinvest the income earned www.taxpertpro.com
on investments made under the Liberalised
Contact us at
Remittance Scheme. [Under the Liberalised Remittance
Scheme, all resident individuals, including minors, are info@taxpertpro.com
allowed to freely remit up to USD 200,000 vinay@taxpertpro.com
per financial year (April â March) for any permissible 09769033172 ||| 09769134554
current or capital account transaction or a combination
of both.]
As per extant Foreign Exchange Management (Deposit)
Regulations, 2000, Notification No FEMA 5 /2000-RB dated 3rd
May 2000 deposit of funds in the Foreign Currency (Non-
Resident) Account (Banks) Scheme [FCNR(B)] accounts were
accepted in such permissible currencies as designated by the
Reserve Bank of India. Presently, Pound Sterling, US Dollar,
![Section 8 of FEMA, 1999 states that where any amount of Japanese Yen, Euro, Canadian Dollar and Australian Dollar are
foreign exchange is due or has accrued to any person resident the currencies designated by the Reserve Bank. It is now
in India, such person shall take all reasonable steps to realize liberalized FCNR (B) deposits can be maintained in any
and repatriate to India such foreign exchange to India. In this
permitted currency. Permitted currency' means a foreign
context there have been liberalization:
currency which is freely convertible.
A person resident in India is free to hold, own, transfer
or invest in foreign currency, foreign security or any
immovable property situated outside India if such For any further clarification you may get in touch with your team at
currency, security or property was acquired, held or
owned by such person when he was resident outside
India or inherited from a person who was resident
Taxpert Professionals
outside India.
Visit us at:
An investor can retain and reinvest the income earned www.taxpertpro.com
on investments made under the Liberalised
Contact us at
Remittance Scheme. [Under the Liberalised Remittance
Scheme, all resident individuals, including minors, are info@taxpertpro.com
allowed to freely remit up to USD 200,000 vinay@taxpertpro.com
per financial year (April â March) for any permissible 09769033172 ||| 09769134554
current or capital account transaction or a combination
of both.]
As per extant Foreign Exchange Management (Deposit)
Regulations, 2000, Notification No FEMA 5 /2000-RB dated 3rd
May 2000 deposit of funds in the Foreign Currency (Non-
Resident) Account (Banks) Scheme [FCNR(B)] accounts were
accepted in such permissible currencies as designated by the
Reserve Bank of India. Presently, Pound Sterling, US Dollar,](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)