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Regularisation of assets held abroad by a person resident in India under Foreign Exchange Management Act 1999

FEMA - 18 - Dated:- 30-9-2015 - RBI/2015-16/195 A.P. (DIR Series) Circular No.18 September 30, 2015 To All Category - I Authorised Dealer Banks Madam / Sir, The Government of India has enacted The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) on May 26, 2015 to address the issue of undisclosed assets held abroad. It provides for separate taxation of income and assets acquired abroad from income not disclosed but chargeable to tax in India. .....

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(E) dated September 25, 2015. 3. Accordingly, it is clarified that: a) No proceedings shall lie under the Foreign Exchange Management Act, 1999 (FEMA) against the declarant with respect to an asset held abroad for which taxes and penalties under the provisions of Black Money Act have been paid. b) No permission under FEMA will be required to dispose of the asset so declared and bring back the proceeds to India through banking channels within 180 days from the date of declaration. c) In case the .....

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