Exemption under section 10(4)(ii) extended for Kuwait-returned NRIs allowing continued maintenance of NRE/FCNR accounts. Exemption for income from NRE/FCNR accounts is available to Indian nationals normally resident in Kuwait who returned to India after 2 August 1990, in respect of accounts maintained in banks in India or foreign currency accounts and assets abroad up to 30 June 1991, following Reserve Bank permission to continue such accounts and an extension of the earlier concession that had applied through 31 March 1991.
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Provisions expressly mentioned in the judgment/order text.
Exemption under section 10(4)(ii) extended for Kuwait-returned NRIs allowing continued maintenance of NRE/FCNR accounts.
Exemption for income from NRE/FCNR accounts is available to Indian nationals normally resident in Kuwait who returned to India after 2 August 1990, in respect of accounts maintained in banks in India or foreign currency accounts and assets abroad up to 30 June 1991, following Reserve Bank permission to continue such accounts and an extension of the earlier concession that had applied through 31 March 1991.
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