Mumbai: In a move that would provide quite some comfort to Indian globetrotters, the Reserve Bank on 18 May 2007 doubled to six months, the duration for retaining unspent foreign exchange.
“It will be in order for any resident individual to surrender received, realised, unspent or unused foreign exchange to an authorised person within a period of 180 days,” RBI said in a notification issued here.
The liberalised norms for retaining foreign exchange for different categories come in the midst of burgeoning foreign exchange reserves which have swelled to more than $200 billion, a development many analysts attribute to appreciation of the rupee.
The RBI has also fixed the time limit for return of unused foreign exchange by individuals for any other purpose like inheritance, settlement or gift, at six months.
Earlier there were different time limits for returning foreign exchange depending upon the form and purpose for which it was taken.
While travellers were required to return unused foreign currency within 90 days, the time-limit was 180 days if the forex was obtained in the form of travellers cheque.
Foreign exchange which could not be used for the purpose it was obtained was required to surrender within 60 days.
The circular follows the announcement made by RBI in its annual credit policy last month.