Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
Overseas investment permissions: residents may hold and invest in qualifying foreign assets subject to reporting, approvals and NOC requirements. A person resident in India may hold, own, transfer or invest in foreign currency, foreign securities or immovable property abroad if those assets were acquired while resident outside India or inherited from a person resident outside India; such assets and income may be utilised for payments or fresh investments abroad provided consideration is met exclusively from eligible assets and transactions comply with FEMA. Rights issues and bonus shares in foreign entities are permitted with reporting requirements for exercised rights; overseas investments must be in foreign entities engaged in bona fide business activities and may require prior Central Government or Reserve Bank approval in specified jurisdictions or strategic sectors. An NOC is required where the resident is an NPA, willful defaulter, or under investigation.
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.
Overseas investment permissions: residents may hold and invest in qualifying foreign assets subject to reporting, approvals and NOC requirements.
A person resident in India may hold, own, transfer or invest in foreign currency, foreign securities or immovable property abroad if those assets were acquired while resident outside India or inherited from a person resident outside India; such assets and income may be utilised for payments or fresh investments abroad provided consideration is met exclusively from eligible assets and transactions comply with FEMA. Rights issues and bonus shares in foreign entities are permitted with reporting requirements for exercised rights; overseas investments must be in foreign entities engaged in bona fide business activities and may require prior Central Government or Reserve Bank approval in specified jurisdictions or strategic sectors. An NOC is required where the resident is an NPA, willful defaulter, or under investigation.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI Drafter - (New and Powerful) ✕
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
of 
TaxTMI 
