Press Note No. 1424 (2019 Series) of the Department for Promotion of Industry and Internal Trade dated 4th February, 2019 on the holding of foreign exchange [C11-RKD]

As at 6 September 2026. In force. No commencement recorded.

Dates: made 4 February 2019; in force not recorded; ceased none recorded. Gazette: none recorded. Band C.

Synthetic. This instrument, its title, its number and its words are generated by the register.

Cite: Press Note No. 1424 (2019 Series) of the Department for Promotion of Industry and Internal Trade dated 4th February, 2019 on the holding of foreign exchange, Press Note No. 1424 (2019 Series), 4th February, 2019 [C11-RKD]. Machine: C11-RKD.

Press Note No. 1424 (2019 Series)

GOVERNMENT OF INDIA

Department for Promotion of Industry and Internal Trade

New Delhi, dated the 4th February, 2019

PRESS NOTE

Subject: The holding of foreign exchange by persons resident in India under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976, regarding.

1. The Central Government has reviewed the policy on the holding of foreign exchange and has decided as follows.

2. Every person resident in India carrying on the holding of foreign exchange may do so subject to the conditions set out in the annexure, and the Development Commissioner shall be informed in Form ANF-2A within thirty days.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the holding of foreign exchange is undertaken, and the Development Commissioner shall dispose of it within thirty days of its receipt.

4. Difficulties, if any, in the implementation of this press note may be brought to the notice of the Department for Promotion of Industry and Internal Trade.

(Under Secretary to the Government of India)

Made under

No enabling provision stated.

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Acted on by (0)

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