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December 2011

This Circular clarifies that: (a) In terms of s.s 4 of section (6) of FEMA, 1999, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was: (i) Acquired, held or owned by such person when he was resident outside India or (ii) Inherited from a person who was resident outside India. (b) An investor can retain and reinvest overseas the income earned on invest<

By Gaurang Gandhi, Chartered Accountant
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Presently, the relaxation in period of realisation and repatriation to India of the amount representing the full export value of goods or software exported, from six months to twelve months from the date of exports was available for exports made up to September 30, 2011.

This Circular has extended the relaxation for a further period of one year i.e., up to September 30, 2012. Hence, export proceeds representing the full export value of goods or software exported, can be realised and repatriated to India within twelve months from the date of exports made up to September 30, 2012.

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