RBI invites applications for regularisation of declared wealth

Reserve Bank has said that those who have declared unaccounted overseas assets under the black money law should file application with its central office for regularisation of declared wealth. RBI, in a statement issued in Mumbai, said a person resident in India who has declared any asset under the Black Money Act and intends to hold them is required to make an application to the RBI within 180 days of declaration. 

The applications seeking regularisation of assets held abroad by a person resident in India and declared under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, under FEMA will be considered at the RBI’s central office, Mumbai. 

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 window was provided by the government as just a one-time facility for stash holders to come clean before enforcing the stringent new law to curb and check the menace of black money or illegal assets held by Indians abroad.

Government has collected a total of 2,428.4 crore rupees in taxes after over 600 declarations were made by stash holders to the Income Tax department under the one-time black money compliance window that ended September 2015. RBI clarified that no action under FEMA will be taken against declarations under one-time black money compliance window.