CA Inter P2 · Chapter 13 · Question 10 of 10
Under section 8 of FEMA, where any amount of foreign exchange is due or has accrued to a person resident in India, that person shall:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Take all reasonable steps to realise and repatriate it to India within the period and manner specified by the RBI
Explanation
Section 8 provides that, save as otherwise provided, a person resident in India to whom any amount of foreign exchange is due or has accrued must take all reasonable steps to realise and repatriate it to India. This must be done within the period and in the manner specified by the Reserve Bank. Section 9 lists exemptions, such as possession of foreign currency or coins within limits specified by the Reserve Bank.
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