Major Changes in FEMA
RESERVE Bank of India has made several changes in the Foreign Exchange Management Act regulations.
Export and Import of Currency Regulations, 2015:
You can take out of India or bring into India Indian currency not exceeding Rs. 25,000. If you want more, you have to take RBI's permission. There is no limit for Nepal and Bhutan, except that only 25000 rupees worth currency of denomination above 100 rupees can be brought from or taken to Nepal. Foreign Exchange can be sent or brought to India without limit, but if you bring cash of over 5000 US Dollars, you have to give a declaration to the Customs, on arrival.
RBI Notification No. 6 (R) /RB-2015, Dated: December 29, 2015
Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2015:
A person resident in India to whom any amount of foreign exchange is due or has accrued shall take all reasonable steps to realise and repatriate to India such foreign exchange.
RBI Notification No. 9 (R) /RB-2015, Dated: December 29, 2015
Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015:
limits for possession or retention of foreign currency or foreign coins:-
i) Possession without limit of foreign currency and coins by an authorised person within the scope of his authority;
ii) Possession without limit of foreign coins by any person;
iii) Retention by a person resident in India of foreign currency notes, bank notes and foreign currency travellers' cheques not exceeding USD 2000 or its equivalent in aggregate, provided that such foreign exchange in the form of currency notes, bank notes and travellers cheques;
(a) was acquired by him while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India;or
(b) was acquired by him, from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation; or
(c) was acquired by him by way of honorarium or gift while on a visit to any place outside India; or
(d) represents unspent amount of foreign exchange acquired by him from an authorised person for travel abroad.
RBI Notification No. 11 (R) /RB-2015, Dated: December 29, 2015
Foreign Exchange Management (Insurance) Regulations, 2015. :
(i) A person resident in India may take or continue to hold a health insurance policy issued by an insurer outside India provided aggregate remittance including amount of premium does not exceed limit prescribed under the Liberalised Remittance Scheme.
(ii) No person shall take out or renew any policy of insurance in respect of any property in India or any ship or other vessel or aircraft registered in India with an insurer whose principal place of business is outside India without permission of Insurance Regulatory and Development Authority of India (IRDA).
(iii) A person resident in India may take or continue to hold a general insurance policy other than referred in (i) and (ii) above, issued by an insurer outside India, provided that, the policy is held, under a specific or general permission of the Central Government.
(iv) A person resident in India may continue to hold any general insurance policy issued by an insurer outside India when such person was resident outside India.
RBI Notification No. 12 (R) /RB-2015, Dated: December 29, 2015