Supreme Court
Litigation News
Supreme Court seeks response from Central government, RBI on plea seeking FEMA exemption for resident OCIs
The petitioner submitted that subjecting OCIs to FEMA norms when they have resided in the country for long and pay tax on their global income in India, is arbitrary and violative of right to equality.
The Supreme Court on Monday sought the response of the Central government and the Reserve Bank of India (RBI) to a plea to exempt resident Overseas Citizens of India (OCIs) from the purview of the Foreign Exchange Management Act (FEMA) [Association of Resident Overseas Citizens of India and Families and anr vs Union of India and ors].