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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
for Subcription of Journals Signature of Subcriber

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