Reserve Bank of India: FEMA not applicable in Black Money affairs!
Posted on: 26/Sep/2015 4:40:30 PM
Reserve Bank of India has announced that no action will be taken under FEMA (Foreign Exchange Management Act) for those who voluntarily come forward to declare their black money details.
Those who declare voluntary information on bank deposits and properties abroad will need to pay only the related Taxes and Penalty.
The 90 days deadline given by the central government for voluntary disclosure of black money expires by Wednesday, 30th September.
With only a few days left for this deadline, Reserve Bank of India has now come up with an announcement allaying the fears of those who are hesitant to declare their black money holdings.
