Regulations for the Asset held abroad by the person resident in India under Foreign Exchange Management A ct 1999.

Black Money and imposition of Act 2015 has been introduced to curb the foreign undisclosed income but it is hereby clarified that no proceedings shall lie against the declarant if he has paid all taxes and penalties. In case the declarant wishes to hold asset he may apply to RBI within 180 days from date of declaration if such permission is required. In case such permission is not granted asset will be disposed within 180 days from the date of communication with or RBI within such extended date as may be permitted.

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