Taxmen probe rich Indians for having foreign policies without approval

Foreign Exchange Management Act (Fema) is triggered when life insurance is bought from a foreign company without RBI approval

BS Web Team

Several wealthy Indians have either purchased or have become nominees in foreign life insurance policies without the approval of the Reserve Bank of India, The Economic Times reported Thursday. Tax officials are now asking these rich Indians to expalin why their names have figured in these insurance policies that run into millions of dollars.

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First Published: Jan 19 2023 | 10:57 AM IST

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