TMI BlogForeign Exchange Management (Remittance of Assets) Regulations, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... emittance outside India by a person whether resident in India or not, of assets in India, namely: 1. Short title and commencement:- i) These Regulations may be called the Foreign Exchange Management (Remittance of Assets) Regulations, 2016. ii) They shall come into force from the date of their publication in the official Gazette. 2. Definitions:- In these Regulations, unless the context requires otherwise, - (i) 'Act' means the Foreign Exchange 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-Resid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or a citizen of Nepal or Bhutan, who (i) has retired from an employment in India, or (ii) has inherited the assets from a person referred to in sub-section (5) of section 6 of the Act; or (iii) is a widow/ widower resident outside India and has inherited assets of the deceased 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 representi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inheritance/ legacy on production of documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter; (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 remittance is to be made from the balances held in the NRO account, the account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any 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, - (a) 'expatriate staff' means a person whose provident/ superannuation/ pension fund is maintained outside India by his principal employer outside India; (b) not permanently resident' means a person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 with the provisions of the Companies Act, 2013, in case of winding up of the office in India. (2) On consideration of the application made under sub-regulation (1), the authorized dealer concerned may permit the remittance subject to the directions issued by the Reserve Bank in this regard, from time to time. 7. Reserve Bank's prior permission in certain cases:- (1) A p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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