Are any concessions available to Returning Indians in respect of assets acquired by them while they were resident outside India?
– Yes. Persons who have returned to India on or after April 18, 1992 and have stayed abroad for a continuous period of not less than one year have been granted general permission/exemption from the requirement of surrendering/declaring their foreign currency assets abroad. As a result they can continue to maintain their foreign currency accounts and other assets, viz., foreign currency shares/securities or immovable properties abroad. Under the general permission/exemption, Returning Indians can retain their foreign currency accounts with banks abroad and hold, transfer or dispose of their foreign currency assets. This can be done provided these funds/assets were lawfully acquired by them out of foreign exchange earned through employment, business or vocation outside India taken up or commenced while they were resident outside India and not in contravention of the provisions of the Foreign Exchange Regulation Act (FERA), 1973.
Related Questions
- Can a person resident outside India hold any immovable property in India acquired by way of inheritance from a person resident in India?
- Are any concessions available to Returning Indians in respect of assets acquired by them while they were resident outside India?
- Are returning Indians permitted to retain their assets abroad even after return to India and hold them with separate identity ?
