Regulation 4 - Possession of foreign exchange by a person resident In India but not permanently resident therein - Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015

4. Possession of foreign exchange by a person resident In India but not permanently resident therein: - Without prejudice to 1 [clause (iii) of Regulation 3], a person resident in India but not permanently resident therein may possess without limit foreign currency in the form of currency notes, bank notes and travellers cheques, if such foreign currency was acquired, held or owned by him when he was resident outside India and, has been brought into India in accordance with the regulations made under the Act. Explanation : for the purpose of this clause, 'not permanently resident' means a person resident in India for employment of a specified duration (irrespective of length thereof) or for a specific job or assignment, the duration of which does not exceed three years. ********************* Notes: 1. In the original notification it is mentioned as clause (iv) of Regulation 3 [But is should be (iii) instead of (iv)]