The Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act, 1991
Act No. 41 of 1991
[18th September, 1991.]
An Act to provide for certain immunities to persons receiving remittances in foregin exchange and to persons owning the Foreign Exchange Bonds and for certain exemptions from direct taxes in relation to such remittances and bonds and for matters connected therewith or incidental thereto.
WHEREAS the position relating to balance of payments has become difficult and it is necessary to attract large inflow of foreign exchange;
AND WHEREAS with a view to attracting such inflow of foreign exchange, it is expedient to provide for certain immunities and exemptions to render it possible for certain persons to receive the said remittances in foreign exchange and to own the said Bonds;
BE it enacted by Parliament in the Forty-second Year of the Republic of India as follows:-