RBI on regularisation of assets held abroad

The Reserve Bank of India (RBI) has said no proceedings shall lie against the declarant with respect to an asset held abroad for which taxes and penalties under the provisions of the Black Money Act have been paid. RBI also said no permission would be required to dispose of the asset so declared and bring back the proceeds to India through banking channels within 180 days from the date of declaration.

Business Standard, New Delhi, 1st Oct. 2015