TMI BlogPermission for remittance of assets in certain casesX X X X Extracts X X X X X X X X Extracts X X X X ..... 6 of the Act; or (iii) is a widow resident outside India and has inherited assets of her deceased husband who was an Indian citizen resident in India, 13 [may remit an amount, not exceeding US$ 1, 000, 000 (US Dollar One Million Only) per financial year subject to payment of applicable taxes in India, if any, on production of] 3 (a) documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter 14 [***] 15 [(b) ***] Provided that for the purpose of arriving at annual ceiling of remittance under the sub-regulation (2), the funds representing sale proceeds of shares and immovable property owned or held by the citizen of foreign state on repatri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made by either of his parents or a close relative (as defined in Section 6 of the Companies Act, 1956) and the settlement taking effect on the death of the settler, on production of : the original deed of settlement; 19 [***] 20 [***] 11 Omitted Provided 12 ( *** ) that where the remittance under Clause (i) and (ii) is made in more than one instalment, the remittance of all instalments shall be made through the same Authorised Dealer. 5 (4) An authorised dealer in India may, without approval from Reserve Bank, effect remittance of assets made by a person eligible under sub-regulation (2) or sub-regulation (3) as the case may be and also allow remittance out of the assets of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d figures, 'US$ 1,000,000 (US Dollar One million only)', vide Notification No. 097/2003 dated 8/7/2003 , Earlier for the words ₹ 20 lakhs , the words US$ 1,00,000 (US Dollar one lakh only) have been substituted vide notification no. 62/2002 dated 13/5/2002 3. Has been substituted vide Notification No. Supra, before it was read as, documentary evidence in support of acquisition of assets by the remitter; and . 4. Has been substituted vide Notification No. 119/2004 dated 29/6/2004 , before it was read as, A Non-resident Indian (NRI)/Person of Indian Origin (PIO), may remit an amount, not exceeding US$ 1,000,000 (US Dollar One million only) per calendar year, out of the balances held in NRO accounts/sale proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s read as , An Authorised dealer in India may, without approval from Reserve bank, effect remittance of assets made by a person eligible under sub-regulation (2) or sub-regulation (3) as the case may. Earlier it was substituted by notification no. 62/2002 dated 13/5/2002 6. For the word 'calendar', the word 'financial' has been substituted vide Notification No. 152/2007 dated 15/5/2007 7. Has been substituted vide Notification No. Supra , before it was read as, a Tax clearance/no objection certificate from the Income-Tax authority for the remittance 8. For the word 'calendar', the word 'financial' has been substituted vide Notification No. Supra 9. Has been substituted vide Notification ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17. Deleted vide NOTIFICATION NO. 324/2014-RB Dated 31st October, 2014 , before it was read as, and 18. Deleted vide NOTIFICATION NO. 324/2014-RB Dated 31st October, 2014 , before it was read as, 9 (b) an undertaking by the remitter and certificate from a Chartered Accountant in the format prescribed by the Central Board of Direct Taxes, Ministry of Finance, Government of India in their Circular No. 10/2002 dated October 9, 2002. 19. Deleted vide NOTIFICATION NO. 324/2014-RB Dated 31st October, 2014 , before it was read as, and 20. Deleted vide NOTIFICATION NO. 324/2014-RB Dated 31st October, 2014 , before it was read as, 10 (b) an undertaking by the remitter and certificate from a Chartered Accou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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