The Reserve Bank today said that no action under Foreign Exchange Management Act, 1999 will be taken against declarations under one-time black money compliance window, which ends today.In a communication to banks, the Reserve Bank said no proceedings shall lie under the FEMA against the declarant with respect to an asset held abroad for which taxes and penalties under the provisions of Black Money Act have been paid.It further said no permission under FEMA will be required for those keen to dispose of assets declared and bring back the proceeds through a proper banking channel by March 31.The compliance window under the Black Money -Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015 ends today.
News On AIR | September 30, 2015 8:48 PM
Black money: No proceedings under the FEMA against declarant, says RBI