Q.
Why in India its illegal to posses Dollars?
Asked by Archana,
27 Oct '08 12:25 am
Earn 10 points for answering
Answers (12)
1.
Hoarding of any currency whether in Indian Rupee or US$ is illeagle
Answered by SREENIVAS, 27 Oct '08 11:11 am
Report abuse
Useful
(0)
Not Useful
(0)
Your vote on this answer has already been received
2.
Because holding of foreign currency is guided by the Fema act of the govt of India. you canhold currency, but with in certain limitations. for complete details go to the following link
http://www.infodriveindia.com/Exim/RESERVE-BANK/FEMA/FEMA-P OSSESSION-AND-RETENTION-OF-FOREIGN-CURRENCY-REGULATIONS-2000.aspx
Answered by iqbal seth, 27 Oct '08 06:45 am
Report abuse
Useful
(0)
Not Useful
(0)
Your vote on this answer has already been received
3.
One cant keep unlimited amount in cash,there is a limit but one can keep it.
Answered by madanmohan, 27 Oct '08 01:26 am
Report abuse
Useful
(0)
Not Useful
(0)
Your vote on this answer has already been received
4.
No, i don't think it is illegal......, u can have a certain amount always.......
Answered by minati vishwakarma, 27 Oct '08 12:54 am
Report abuse
Useful
(0)
Not Useful
(0)
Your vote on this answer has already been received
5.
I dont think ,this is true Archna.
As oar RBI Guide lines ,an indual can have / posses 10000 US Dollar, out of which 2000 dollar cash and rest in TC under BTQ ( basic Travel Quata) and a business man can have 25000 Dollar per one Financial Year.
This is what i know and practised for last many years.
Answered by drdinesh sharma, 27 Oct '08 12:32 am
Report abuse
Useful
(0)
Not Useful
(0)
Your vote on this answer has already been received
6.
Report abuse
Useful
(0)
Not Useful
(0)
Your vote on this answer has already been received
7.
Who said so? I dont think its illegal to carry dollars, but yes, if its in lakhs than the question will come as to where one did get it. :)
Answered by Wolverine Logan, 27 Oct '08 12:31 am
Report abuse
Useful
(0)
Not Useful
(0)
Your vote on this answer has already been received
8.
Report abuse
Useful
(0)
Not Useful
(0)
Your vote on this answer has already been received
9.
Report abuse
Useful
(0)
Not Useful
(0)
Your vote on this answer has already been received
10.
Report abuse
Useful
(0)
Not Useful
(0)
Your vote on this answer has already been received