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Foreign Exchange Facilities for Residents
 

FREQUENTLY ASKED QUESTIONS

 
FOREIGN EXCHANGE FACILITIES FOR RESIDENTS

Who is a resident ?

A 'person resident in India' is defined in Section 2(v) of FEMA, 1999 as:
A person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include –
  1. a person who has gone out of India or who stays outside India, in either case
    for or on taking up employment outside India, or for carrying on outside India a business or vocation outside India, or for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period;
  2. a person who has come to or stays in India, in either case, otherwise than –
    for or on taking up employment in India, or
    for carrying on in India a business or vocation in India, or
    for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period;
    any person or body corporate registered or incorporated in India,
    an office, branch or agency in India owned or controlled by a person resident outside India, an office, branch or agency outside India owned or controlled by a person resident in India;

    That is to qualify as a resident the person concerned will have to fulfill the criterion regarding
    (A) the duration of stay and
    (B) the purpose of stay.
    The term Person Resident Outside India is defined in the Act as a person who is not a person resident in India.

Who is an Authorised Dealer ?

An Authorised Dealer is normally a bank specifically authorised by the Reserve Bank under Section 10(1) of FEMA,1999, to deal in foreign exchange or foreign securities (List available on www.fedai.org.in ).

 
 
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You have a wide range of choice of deposits through as many as 10 different schemes offered by UBI. You may select them according to your best suited mode of meeting.