Regulation 5 - Period for surrender of realised foreign exchange - Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2015

5. Period for surrender of realised foreign exchange:- A person not being an individual resident in India shall sell the realised foreign exchange to an authorised person under clause (a) of sub-regulation (1) of regulation 4 , within the period specified below:- (1) foreign exchange due or accrued as remuneration for services rendered, whether in or outside India, or in settlement of any lawful obligation, or an income on assets held outside India, or as inheritance, settlement or gift, within seven days from the date of its receipt; (2) in all other cases within a period of ninety days from the date of its receipt.