Regularisation of undisclosed foreign assets prevents FEMA proceedings where Black Money Act taxes and penalties are paid. Where a resident declarant has declared assets under the Black Money Act and paid the prescribed taxes and penalties, no proceedings shall lie under FEMA in respect of those declared assets and no FEMA permission is required to dispose of the asset and repatriate proceeds through banking channels within one hundred and eighty days from the date of declaration. If the declarant seeks to continue holding the asset, an application for RBI permission may be made within that period and will be decided under extant regulations; refusal requires disposal and repatriation within one hundred and eighty days or any RBI-permitted extension.
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.
Regularisation of undisclosed foreign assets prevents FEMA proceedings where Black Money Act taxes and penalties are paid.
Where a resident declarant has declared assets under the Black Money Act and paid the prescribed taxes and penalties, no proceedings shall lie under FEMA in respect of those declared assets and no FEMA permission is required to dispose of the asset and repatriate proceeds through banking channels within one hundred and eighty days from the date of declaration. If the declarant seeks to continue holding the asset, an application for RBI permission may be made within that period and will be decided under extant regulations; refusal requires disposal and repatriation within one hundred and eighty days or any RBI-permitted extension.
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