1.
Provisions under section 6
(4) of Foreign Exchange Management Act, 1999 – Clarifications
According
to Section 6 (4) of FEMA, 1999 a person resident in India may hold, own,
transfer or invest in foreign currency, foreign security or any immovable
property situated outside India if such currency, security or property was
acquired, held or owned by such person when he was resident outside India or
inherited from a person who was resident outside India
Through
Circular RBI/2013-14/440 dtd 09-01-2014, RBI clarifies that the following
transactions are also covers under Section (4) of FEMA
a.
Foreign currency accounts opened and maintained by such a
person when he was resident outside India
b.
Income earned through employment or business outside India while
such person was resident outside India
c.
Income earned from investments made while such person was
resident outside India of from gift
d.
Income earned by inheritance received while such a person was
resident outside India
e.
A person resident in India may freely utilise all their
eligible assets abroad as well as income on such assets or sale proceeds
thereof received after their return to India. See the details here
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