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of <h1>New Rule Sets 1 Crore Minimum for Foreign Assets Under Section 37A of Foreign Exchange Management Act, 1999.</h1> The Central Government has set a mandatory threshold for the aggregate value of foreign exchange, foreign securities, or immovable property located outside India at a minimum of one crore rupees. This regulation is enacted under the authority of Section 37A of the Foreign Exchange Management Act, 1999. The notification was issued by the Ministry of Finance, Department of Revenue, on September 16, 2015.
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