The Reserve Bank of India has permitted any person to receive payment in any foreign currency/currencies from any person resident outside India and who is on visit to India for services rendered or in settlement of any lawful obligation provided that any such foreign currency/currencies (acquired in excess of two thousand U.S. dollars or its equivalent in aggregate inclusive of the currency or currencies held or acquired for numismatic purposes upto US$500 or its equivalent) is/are sold within seven days from its receipt to an authorised dealer.

It has been brought to the notice of the Reserve Bank that there is an impression that the general permission cited above is applicable to the payments made through foreign currency notes only. It is clarified that the foreign exchange so received could be in any form viz., currecny notes, cheques, drafts and traveller's cheques. It is also clarified that the Government of India has permitted residents to retain, if they so desire, foreign currency/currencies upto US$2,000 or its equivalent in aggregate.