Regulation 6 - Reserve Bank's Prior Permission in Certain Cases - Foreign Exchange Management (Remittance of Assets) Regulations, 2000

Reserve Bank s Prior Permission in Certain Cases :- 6. (1) person who desires to make a remittance of assets in the following cases, may apply to the Reserve Bank, namely: 2 [ (i) Remittance exceeding US$ 1,000,000 (US Dollar One million only) per 3 [ financial year (a) on account of legacy, bequest or inheritance to a citizen of foreign state, permanently resident outside India and (b) by a Non-Resident Indian (NRI)/Person of Indian Origin (PIO), out of the balances held in NRO accounts/sale proceeds of assets/the assets in India acquired by way of inheritance/legacy. (ii) remittance to a person resident outside India on the ground that hardship will be caused to such a person if remittance from India is not made; 5 [ (iii) Authorised Dealer shall act as per regulation (7) as regards closure of Branch/Liaison Office: ] Provided that the application is supported by the following documents, namely: (A) copy of the Reserve Bank s permission for establishing the branch/office in India; (B) Auditor s certificate,- (i) indicating the manner in which the remittable amount has been arrived and supported by a statement of assets and liabilities of the applicant, and indicating the manner of disposal of assets; (ii) confirming that all liabilities in India including arrears of gratuity and other benefits to employees etc. of the branch/office have been either fully met or adequately provided for; (iii) confirming that no income accruing from sources outside India (including proceeds of exports) has remained unrepatriated to India; 4 [(C) no-objection or tax clearance certificate from income-tax authority for the remittance; (D) confirmation from the applicant that no legal proceedings in any Court in India are pending and there is no legal impediment to the remittance; and (E) a report from the Registrar of Companies regarding compliance with the provisions of the Companies Act, 1956, in case of winding up of the office in India. ] (2) On consideration of the application made under sub-regulation (1), the Reserve Bank may permit the remittance, subject to such terms and conditions as it deem necessary. (P.R. GOPALA RAO) Executive Director ****************** NOTES:- 1. Inserted vide Notification No. 096/2003 dated 02-07-2003 , w.e.f. 02-07-2003. 2. Substituted vide Notification No. 097/2003 dated 8/7/2003 , w.e.f. 13-05-2002 before it was read as, (i) Remittance exceeding US$ 1,00,000 (US Dollar One lakh only) per calendar year on account of legacy, bequest or inheritance to a citizen of foreign state permanently resident outside India, Earlier Substituted vide Notification No. 062/2002 dated 13/5/2002 , w.e.f. 13-05-2002 before it was read as, In Form LEG annexed to this regulation for remittance on account of legacy, bequest or inheritance to a citizen of foreign state permanently resident outside India 3. Substituted vide Notification No. 152/2007 dated 15-05-2007 , w.e.f. 15-05-2007 before it was read as, calendar 4. Substituted vide Notification No. 198/2009-RB dated 24-09-2009 , w.e.f. 24-09-2009 before it was read as, (C) no-objection or Tax clearance certificate from Income-Tax authority for the remittance; and (D) confirmation from the applicant that no legal proceedings in any Court in India are pending and there is no legal impediment to the remittance. 5. Substituted vide Notification No. 217/2011 RB dated 19-01-2011 , w.e.f. 01-02-2010 , before it was read as, remittance of winding up proceeds of a branch/office 1 [ (other than project office) in India of a person resident outside India