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of <h1>India's Black Money Act: Declare and Tax Undisclosed Foreign Assets, Avoid FEMA Penalties. Dispose or Retain Assets Easily.</h1> The Government of India enacted The Black Money Act to address undisclosed foreign assets of Indian residents. Under this act, separate taxation is imposed on undisclosed foreign income and assets. The Reserve Bank of India issued regulations for regularizing such assets under the Foreign Exchange Management Act (FEMA). If taxes and penalties are paid under the Black Money Act, no FEMA proceedings will occur against the declarant. Declarants can dispose of these assets and repatriate proceeds within 180 days without FEMA permission or apply to retain them. Authorized banks must inform their clients about these regulations.
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