Holding foreign life insurance policies permitted with regulatory permission; proceeds must be repatriated to India through banking within prescribed timeframe. A resident in India may take or continue to hold a life insurance policy issued outside India only if the policy is held under specific or general permission of the Reserve Bank of India; a person who became resident after holding such a policy abroad may continue it. If premiums were paid by remittance from India, the policyholder must repatriate maturity proceeds or claim amounts to India through normal banking channels within seven days of receipt.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Holding foreign life insurance policies permitted with regulatory permission; proceeds must be repatriated to India through banking within prescribed timeframe.
A resident in India may take or continue to hold a life insurance policy issued outside India only if the policy is held under specific or general permission of the Reserve Bank of India; a person who became resident after holding such a policy abroad may continue it. If premiums were paid by remittance from India, the policyholder must repatriate maturity proceeds or claim amounts to India through normal banking channels within seven days of receipt.
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