Immunity from six laws for individuals declaring foreign assets using special window

New Delhi: Holding out an olive branch, the government on Monday said that persons using special window to declare assets abroad will be given immunity from prosecution under FEMA, Prevention of Money Laundering Act and four other laws.

The Frequently Asked Questions (FAQs) issued by the finance ministry said that the 90-day compliance window will, however, not guarantee immunity for wealth generated from corruption.

The window will not be available to those against whom notices have been issued on or before June 30, searches carried out or information received from foreign states.

The ministry said if an NRI acquires a property abroad using the income accrued or received in India without paying tax, it would be treated as un-disclosed foreign asset.

In a breather to students, the ministry said foreign bank accounts having less than Rs 5 lakh deposit at any time during previous year would not attract any penalty. But all foreign assets have to be necessarily disclosed even if their value is nil.