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Notification No. FEMA . 348 /2015-RB dated 25th September, 2015 Regularisation of assets held abroad by a person resident in India under Foreign Exchange Management Act, 1999
This circular clarifies that in the case of persons resident in who have held assets abroad in violation of FEMA and who have made a declaration under the provisions of the Black Money Act, and have paid the tax and penalty due thereon: –
a) No proceedings will 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 is 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 declarant wishes to hold the asset so declared, she/ he has to apply to RBI within 180 days from the date of declaration if such permission is necessary as on date of application. Such applications will be dealt by RBI as per extant regulations. In case such permission is not granted, the asset will have to be disposed of within 180 days from the date of receipt of the communication from RBI conveying refusal of permission or within such extended period as may be permitted and the proceeds brought back to India immediately through the banking channel.
