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General Information about Forex Facilities for Residents

General Information about Forex Facilities for Residents

For further details/guidance, please approach any bank authorised to deal in foreign exchange or contact Regional Offices of the Foreign Exchange Department of the Reserve Bank.

A ‘person resident in India’ is defined in Section 2(v) of FEMA, 1999 as :

A person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include –

  1. (A) a person who has gone out of India or who stays outside India, in either case –
    • for or on taking up employment outside India, or
    • for carrying on outside India a business or vocation outside India, or
    • for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period;
  2. (B) a person who has come to or stays in India, in either case, otherwise than –
    • for or on taking up employment in India, or
    • for carrying on in India a business or vocation in India, or
    • for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period
    • any person or body corporate registered or incorporated in India,
    • an office, branch or agency in India owned or controlled by a person resident outside India,
    • an office, branch or agency outside India owned or controlled by a person resident in India;

General Information about Forex Facilities for Residents

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