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Black Money trail: Dos & don'ts of operating a foreign bank account

Of the 700-odd Indians having foreign bank accounts, not all can be deemed to be operating these illegally. An Indian resident is allowed to open an foreign bank account under the Liberalised Remittance Scheme for undertaking current or capital account transactions. They can remit money from India - only up to a specified limit within a financial year - as prescribed under the Foreign Exchange Management Act (Fema) of 1999. Tax experts say at the time of opening an account, it is advisable for such persons to first approach an authorised dealer, appointed under Reserve Bank of India ...