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The Reserve Bank of India issued a circular regarding the regularization of assets held abroad by Indian residents under the Foreign Exchange Management Act, 1999, following the enactment of the Black Money Act in May 2015. It clarifies that no proceedings will be initiated under FEMA for assets declared and taxes paid under the Black Money Act, and provides guidelines for disposing of or holding such assets. Authorised Dealer Banks are instructed to inform their clients about these regulations.

Author

pexewi8435

Language

EN