RESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai- 400 001

RESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai- 400 001 Notification No. FEMA: 348 /2015-RB Dated: September 25,2015 Foreign Exchange Management (Regularization of assets held abroad by a person resident in India) Regulations, 2015. In exercise of the powers conferred by section 47 of the Foreign Exchange Management Act; 1999 (42 of 1999) , the Reserve Bank makes the following regulations relating to regularization of assets held abroad by a person resident in India, namely: - 1. Short title and commencement:- These regulations may be called the Foreign Exchange Management (Regularization of assets held abroad by a person resident in India) Regulations, 2015. M) They shall come into force from the date of their publication in the Official Gazette. 2_ Definitions: - In these Regulations unless the context otherwise requires, 'Act' means the Foreign Exchange Management Act; 1999 (42 of 1999); ii) Black Money Act' means The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act; 2015 (22 of 2015); (iii) The words and expressions used but not defined in these Regulations shall have the same meanings respectively assigned to them in the Act 3. Save as otherwise provided in these regulations or with the general or special permission of Reserve Bank; no person resident in India shall continue to hold an asset located outside India for which a declaration has been made under section 59 of the Black Money Act: 4 Regularization of assets held abroad by persons resident in India No proceedings shall lie under the provisions of the Act, against a person resident in India who has made a declaration under section 59 of the Black Money Act; in respect of any undisclosed asset located outside India and has paid the tax and penalty in acco

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