Module: General Practice
Q73: A person resident in India who has returned from a trip abroad must surrender unspent foreign currency notes to an Authorized Person within what time frame?
✅ Correct Answer: C
1. Currency Notes: If a resident returns to India with unspent foreign currency notes, they must surrender them to an Authorized Person within 180 days of return.
2. Travellers' Cheques (TCs): If the unspent forex is in the form of TCs, the surrender period is also 180 days.
3. Retention Limit: A resident is permitted to retain foreign currency up to USD 2,000 (or equivalent) indefinitely for future use (under the aggregate limit). Any amount excess of this must be surrendered within the 180-day window.
2. Travellers' Cheques (TCs): If the unspent forex is in the form of TCs, the surrender period is also 180 days.
3. Retention Limit: A resident is permitted to retain foreign currency up to USD 2,000 (or equivalent) indefinitely for future use (under the aggregate limit). Any amount excess of this must be surrendered within the 180-day window.