Regularisation of foreign assets: declarants paying taxes and penalties under Black Money Act exempt from FEMA proceedings, may repatriate proceeds.
Declarants who pay taxes and penalties under the undisclosed foreign income regime will not face proceedings under the Foreign Exchange Management Act for the declared asset; they may dispose of it and repatriate proceeds through banking channels within the prescribed 180-day period without FEMA permission, or apply to the Reserve Bank of India within that period to retain the asset, subject to extant regulations and possible refusal requiring disposal and repatriation.