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Received Gift Abroad? No Need to Inform Govt if it’s Valued up to ₹1 Lakh
September 17, 2019
This Monday, the Home Ministry clarified that Indians that receive gifts abroad of value up to ₹1 lakh don’t need to intimate the government anymore as it’s amended the Foreign Contribution (Regulation) Act. Previously, the threshold value was ₹25,000 as per the market value of the gift in India.
Another amendment made to the Foreign Contribution (Regulation) Act states that if emergency medical aid is needed during a visit abroad, then the acceptance of foreign hospitality has to be intimated to the government within a month after receipt of the same.
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