Secure Currency Release For Free

In terms of Section 5 of the FEMA, persons resident in India 1 are free to buy or sell foreign exchange for any current account transaction except for those transactions for which drawal of foreign exchange has been prohibited by Central Government, such as remittance out of lottery winnings; remittance of income from ...

When a country introduces a new currency, normally only one institution--generally the central bank--is given authority to issue of the currency. This, in effect, gives the central bank the power to set either the quantity or the price of the currency.

Resident foreign currency (domestic) account A Resident foreign currency domestic account can be opened in the form of a non-interest bearing account. The RBI defines a resident as someone who is living in the country for over 182 days. This can include foreigners who are working or running a business in India.

Any note with slogans and message of a political nature written across it ceases to be a legal tender and the claim on such a note will be rejected under Rule 5(2) of RBI (Note Refund) Rules. Similarly notes which are disfigured may also be rejected under Rule 5(2) of RBI (Note Refund) Rules.

Residents are free to take outside India (other than to Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 10,000 - per person. They may take or send outside India (other than to Nepal and Bhutan) commemorative coins not exceeding two coins each.

In terms of Section 5 of the Act, any person may sell or draw foreign exchange to and from authorised person for a current account transaction.

3. The procedure for drawal or remit of any foreign exchange under this Schedule shall be the same as applicable for remitting any amount under the said Liberalised Remittance Scheme.]