1. Black money: RBI invites applications for regularisation of declared wealth

Black money: RBI invites applications for regularisation of declared wealth

The Reserve Bank today said that those who have declared unaccounted overseas assets under the black money law should file application with its central office for regularisation of declared wealth.

By: | Mumbai | Updated: February 10, 2016 11:57 PM
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Black money: RBI had said no action under Foreign Exchange Management Act (FEMA) will be taken against declarations under one-time black money compliance window. (Reuters)

Black money: The Reserve Bank today said that those who have declared unaccounted overseas assets under the black money law should file application with its central office for regularisation of declared wealth.

Under the regulation, a person resident in India who has declared any asset under the Black Money Act and intends to hold them is required to make an application to the RBI within 180 days of declaration, RBI said in a statement.

The applications seeking regularisation of assets held abroad by a person resident in India and declared under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, under FEMA will be considered at the RBI’s central office, Mumbai, it said.

Applications in this regard may be addressed to Principal Chief General Manager, Foreign Exchange Department (Foreign Investment Division, it added.

The new law, called the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 came into force with effect from 1 July 2015. The Act provided for a one-time compliance window to declare assets held abroad and pay due taxes and penalty on the value of assets declared.

This window was provided by the government as just a one-time facility for stash holders to come clean before enforcing the stringent new law to curb and check the menace of black money or illegal assets held by Indians abroad.

Government has collected a total of Rs 2,428.4 crore in taxes after over 600 declarations were made by stash holders to the Income Tax department under the one-time black money compliance window that ended September 2015.

RBI had said no action under Foreign Exchange Management Act (FEMA) will be taken against declarations under one-time black money compliance window.

  1. I
    Indian Person
    Feb 11, 2016 at 6:10 am
    Where are the trillions of crore promised by all the politicians? They are still there. They went after business people. The majority of black and corrupt money abroad belongs to corrupt government people. This entire exercise was an eyewash.
    Reply

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