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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) a .....

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2. To effectively deal with assets held abroad by persons resident in India in violation of the Foreign Exchange Management Act, 1999 (FEMA) for which declarations have been made and taxes and penalties have been paid under the provisions of the Blac .....

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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 .....

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declarant wishes to hold the asset so declared, she/ he may apply to the Reserve Bank of India within 180 days from the date of declaration if such permission is necessary as on date of application. Such applications will be dealt by the Reserve Ban .....

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