Through a press release dated 10 February, the RBI has invited applications seeking regularization of assets held abroad by a resident of India and declared under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act). The applications are to be addressed to the principal chief general manager of the Foreign Exchange Department (Foreign Investment Division), at the National Internet Exchange of India.
The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.