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RBI CIRCULAR

     paid under the provisions of the Black Money Act,          For update news on Banking & Finance Industry
     Reserve Bank has issued the Foreign Exchange
     Management (Regularization of assets held abroad by            BANKING FINANCE
     a person resident in India) Regulations, 2015 notified
     though Notification No. FEMA 348/2015-RB dated                 A Leading Monthly Journal on Banking & Finance
     September 25, 2015 vide G.S.R. No. 738 (E) dated
     September 25, 2015.                                        Covers                                 Schemes

3. Accordingly, it is clarified that:                               Covers           Banking           1 Year 750
     a) No proceedings shall lie under the Foreign                  Finance
          Exchange Management Act, 1999 (FEMA) against              Stock Market     Rural/Co-op       3 Year 1500
          the declarant with respect to an asset held abroad
          for which taxes and penalties under the provisions                         Risk Management 5 Year 2250
          of Black Money Act have been paid.
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     b) No permission under FEMA will be required to
          dispose of the asset so declared and bring back the                        ORDER FORM
          proceeds to India through banking channels within
          180 days from the date of declaration.                   New Rental        Subscription No.
                                                                (Plese tick)
     c) In case the declarant wishes to hold the asset so
          declared, she/ he may apply to the Reserve Bank       Name of Executive :
          of India within 180 days from the date of
          declaration if such permission is necessary as on     Designation:                     Mobile :
          date of application. Such applications will be dealt  Company's Name :               E.Mail :
          by the Reserve Bank of India as per extant            Address :
          regulations. In case such permission is not granted,  Pincode :                               No.of Copies
          the asset will have to be disposed of within 180      Phone :
          days from the date of receipt of the                  Fax :
          communication from the Reserve Bank conveying         Publication Order :
          refusal of permission or within such extended         *Scheme Opted :
          period as may be permitted by the Reserve Bank
          and proceeds brought back to India immediately        (Please mention the sheme name example : It-1, Lit-1 or Combo 4-1)
          through the banking channel.
                                                                Period of Subscription : From          to
4. AD Category - I banks may bring the contents of this
     circular to the notice of their constituents and           Details of payment : Cash/M.O./D.D./Cheque* No
     customers concerned.
                                                                Dt                   drawn             Rs.
5. The directions contained in this circular have been
     issued under sections 10(4) and 11(1) of the Foreign          Ordinary Registered Post (Plese tick)
     Exchange Management Act, 1999 (42 of 1999) and are
     without prejudice to permissions / approvals, if any,      *For outstation cheque please add Rs.50/- towards bank charges.
     required under any other law.                              outstation cheques accepted metro cities only. No Charges applicable
                                                                for payable at per cheques.
Yours faithfully,
(B P Kanungo)                                                   Do not make any Cash Payment
Principal Chief General Manager
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