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[MUMBAI] The Reserve Bank of India said on Thursday it would not apply its strict rules on foreign exchange transactions for residents in India who are repatriating an asset held abroad as long as all underlying taxes or penalties have been paid under the Black Money Act.
The RBI added no permission would be required either under the Foreign Exchange Management Act (FEMA) when assets have been declared if they are repatriated within 180 days from the date of declaration.
However, permission under FEMA rules would need to be sought if the assets will continue to be held abroad, the RBI said.
India this year passed a tough rule against so-called "black money", or assets illegally held outside the country to avoid tax, vowing stiffer punishments while also providing a grace period with conditions for those willing to declare them.