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Master Direction - Remittance of assets (Updated as on April 28 2016)

FEMA - 13/2015-16 - Dated:- 1-1-2016 - RBI/FED/2015-16/8 FED Master Direction No. 13/2015-16 January 1, 2016 (Updated as on April 28, 2016) To, All Authorised Dealer Category - I banks and Authorised banks Madam / Dear Sir, Master Direction - Remittance of Assets Remittance outside India by a person whether resident in India or not, of assets in India, are governed by section 47 of the Foreign Exchange Management Act, 1999 (FEMA) read with 1Notification No. FEMA 13(R)/2016-RB dated April 1, 2016 .....

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view to implementing the regulations framed. 3. Instructions issued on remittance of assets have been compiled in this Master Direction. The list of underlying circulars/ notifications which form the basis of this Master Direction is furnished in the Appendix. Reporting instructions can be found in Master Directions on reporting (Master Direction No. 18 dated January 01, 2016). 4. It may be noted that, whenever necessary, Reserve Bank shall issue directions to Authorised Persons through A.P. (DI .....

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, are laid down in the Notification No. FEMA 13/2000-RB dated May 3, 2000, as amended from time to time. 2. Definitions Some key terms used in the regulations are given below: 2.1 'Remittance of assets' means remittance outside India of funds in a deposit with a bank/ firm/ company, provident fund balance or superannuation benefits, amount of claim or maturity proceeds of insurance policy, sale proceeds of shares, securities, immovable property or any other asset held in India in accorda .....

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nstitution of India or the Citizenship Act, 1955 (57 of 1955); or Who belonged to a territory that became part of India after the 15th day of August, 1947; or Who is a child or a grandchild or a great grandchild of a citizen of India or of a person referred to in clause (a) or (b); or Who is a spouse of foreign origin of a citizen of India or spouse of foreign origin of a person referred to in clause (a) or (b) or (c) Explanation: PIO will include an Overseas Citizen of India cardholder within t .....

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s not more than three years. 3. Remittance of assets permitted under the regulations 3.1 Remittances by individuals not being NRIs/ PIOs ADs may allow remittance of assets by a foreign national where: the person has retired from employment in India; the person has inherited from a person referred to in section 6(5) of the Act; the person is a non-resident widow/4widower and has inherited assets from her/his deceased spouse who was an Indian national resident in India. The remittance should not e .....

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ough normal banking channels or rupee proceeds of foreign exchange brought by such person and sold to an authorised dealer or out of stipend/ scholarship received from the Government or any organisation in India. These facilities are not available for citizens of Nepal or Bhutan or a PIO. 3.2 Remittances by NRIs/ PIOs ADs may allow NRIs/ PIOs, on submission of documentary evidence, to remit up to USD one million, per financial year: out of balances in their non-resident (ordinary) (NRO) accounts .....

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ds of such property would be guided by the extant instructions on remittance of balance in the NRO account In case the remittance is made in more than one instalment, the remittance of all instalments should be made through the same AD. 5Where the remittance is to be made from the balances held in the NRO account, the Authorised Dealer should obtain an undertaking from the account holder stating that the said remittance is sought to be made out of the remitter s balances held in the account aris .....

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's certificate confirming that all liabilities in India have been either fully paid or adequately provided for. Auditor's certificate to the effect that the winding up is in accordance with the provisions of the Companies Act, 1956. In case of winding up otherwise than by a court, an auditor's certificate to the effect that there are no legal proceedings pending in any court in India against the applicant or the company under liquidation and there is no legal impediment in permitting .....

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's permission for establishing the branch/ office in India. (ii) Auditor s certificate: 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; confirming that all liabilities in India including arrears of gratuity and other benefits to the employees etc., of the branch/ office have been either fully met or adequately provided for; confirming that no income .....

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ing compliance with the provisions of the Companies Act, 2013, in case of winding up of the office in India. 4. Remittance of assets requiring RBI approval 4.1 Prior approval of the Reserve Bank is necessary for remittance of assets where: Remittance is in excess of USD 1,000,000 (US Dollar One million only) per financial year (i) on account of legacy, bequest or inheritance to a citizen of foreign state, resident outside India; (ii) by NRIs/ PIOs out of the balances held in NRO accounts/ sale p .....

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