No seizure of assets in India if value of foreign asset acquired in breach of FEMA is below 1 crore

By | October 8, 2015

MINISTRY OF FINANCE

(Department of Revenue)

NOTIFICATION

New Delhi, the 16th September, 2015

G.S.R. 701(E).—In exercise of the powers conferred by the proviso to sub-section (1) of Section 37A of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government hereby prescribes the mandatory threshold of the aggregate value of Foreign Exchange, Foreign Security or any immovable property, situated outside India as not less than rupees one crore.

[F. No. A-12011/02/2014-Ad.ED]

SANTOSH KUMAR, Under Secy.

Leave a Reply