Foreign currency account credits: insurance policy foreign-currency proceeds now permitted for resident individuals under amended FEMA regulations. Regulation 5 is amended to permit as admissible credits the proceeds of life insurance policy claims, maturities and surrender values settled in foreign currency from an insurance company in India permitted by the Insurance Regulatory and Development Authority. Regulation 5A replaces 'A person resident in India' with 'A resident Individual' and adds an equivalent provision listing such life insurance foreign currency earnings as permissible receipts for resident individuals.
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Provisions expressly mentioned in the judgment/order text.
Foreign currency account credits: insurance policy foreign-currency proceeds now permitted for resident individuals under amended FEMA regulations.
Regulation 5 is amended to permit as admissible credits the proceeds of life insurance policy claims, maturities and surrender values settled in foreign currency from an insurance company in India permitted by the Insurance Regulatory and Development Authority. Regulation 5A replaces 'A person resident in India' with 'A resident Individual' and adds an equivalent provision listing such life insurance foreign currency earnings as permissible receipts for resident individuals.
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