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Q.

Why in India its illegal to posses Dollars?

Asked by Archana, 27 Oct '08 12:25 am
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Answers (12)

1.

Hoarding of any currency whether in Indian Rupee or US$ is illeagle
Answered by SREENIVAS, 27 Oct '08 11:11 am

 
  
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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

 
  
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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

 
  
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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

 
  
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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

 
  
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6.

To save it from depreciating ...
Answered by Praveen, 27 Oct '08 12:31 am

 
  
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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

 
  
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8.

I dont think it is illegal if you explain the source .
Answered by db, 27 Oct '08 12:27 am

 
  
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9.

FERA act =not our currency
Answered by Pardeep kapoor, 27 Oct '08 12:27 am

 
  
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10.

Kya ye sach hai ?
Answered by sahit, 27 Oct '08 12:26 am

 
  
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