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Foreign Exchange Management (Remittance of Assets) Regulations 2016

FEMA - 13 (R)/2016-RB - Dated:- 1-4-2016 - RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 1st April, 2016 No. FEMA 13 (R)/2016-RB G.S.R. 388(E).-In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in supersession of Notification No. FEMA 13/2000-RB dated May 3, 2000, as amended from time to time, the Reserve Bank .....

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ge Management Act, 1999 (42 of 1999); (ii) 'Authorised Dealer' means a person authorised as an authorised dealer under subsection (1) of section 10 of the Act; (iii) 'Non-Resident Indian (NRI) shall have the same meaning assigned under the Foreign Exchange Management (Deposit) Regulations, 2016; (iv) Person of Indian Origin (PIO) shall have the same meaning assigned under the Foreign Exchange Management (Deposit) Regulations, 2016; (v) ' .....

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have the same meanings respectively assigned to them in the Act. 3. Prohibition on Remittance outside India of assets held in India:- Save as otherwise provided in the Act or rules or regulations made or issued thereunder, no person, whether resident in India or not, shall make remittance of any asset held in India by him or by any other person: Provided that the Reserve Bank may, for sufficient reasons, permit any person to make remittance of any asset held in I .....

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spouse who was an Indian citizen resident in India, may remit through an authorised dealer an amount, not exceeding USD 1,000,000 (US Dollar One million only) per financial year on production of documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter. Provided that for the purpose of arriving at annual ceiling of remittance, the funds representing sale proceeds of shares and immovable property owned or held by the citizen of foreign state on re .....

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ome to India for studies/ training and has completed his studies/ training, may remit the balance available in his account, provided such balance represents funds derived out of remittances received from abroad through 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. (2) A Non-Resident Indian (NRI) or a Person of Indian Origin ( .....

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:p> (ii) Under a deed of settlement made by either of his parents or a relative (relative as defined in Section 2(77) of the Companies Act, 2013) and the settlement taking effect on the death of the settler, on production of the original deed of settlement; Provided 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. Provided further that where the .....

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:p> (3) An authorised dealer in India may, also allow remittance out of the assets of Indian companies under liquidation under the provisions of the Companies Act, 2013, subject to the following conditions: (i) Authorised Dealer shall ensure that the remittance is in compliance with the order issued by a court in India/ order issued by the official liquidator or the liquidator in the case of voluntary winding up; and (ii) no remittance shall be allowed unless the appl .....

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ny under liquidation and there is no legal impediment in permitting the remittance. 5. Permission to an Indian entity to remit funds in certain cases:- (1) An entity in India may remit the amount being its contribution towards the provident fund/ superannuation/ pension fund in respect of the expatriate staff in its employment who are resident in India but not permanently resident therein. Explanation: For the purpose of this Regulation, - ( .....

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ranch office/ liaison office (other than project office) (1) A branch or office established in India by a person resident outside India may, for making remittance of assets on closure or remittance of its winding up proceeds, apply to the Authorised Dealer concerned supported by the following documents, namely: (A) A copy of the Reserve Bank's permission for establishing the branch/ office in India, wherever applicable; (B) Auditor s certificate: ( .....

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of exports) has remained un-repatriated to India; and (iv) confirming that the branch/office has complied with all regulatory requirements stipulated by the Reserve Bank of India from time to time regarding functioning of such offices in India. (C) A confirmation from the applicant that no legal proceedings are pending in any Court in India and there is no legal impediment to the remittance; and (D) A report from the Registrar of Companies regarding compliance wi .....

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