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Permission for remittance of assets in certain cases

Regulation 4 - Regulation - FEMA - Regulation 4 - 4. :- (1) A citizen of foreign state, not being a Person of Indian origin (PIO) or a citizen of Nepal or Bhutan, who (i) has retired from an employment in India, or (ii) has inherited the assets from .....

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n 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 annua .....

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le property in India) Regulations, 2016 and Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000 made under the Act, shall not be included. Provided further that where the remittance is made .....

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ovided 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 .....

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ut of the balances held in the Non-Resident (Ordinary) Accounts (NRO accounts) opened in terms of Foreign Exchange Management (Deposit) Regulations, 2016/ sale proceeds of assets/ the assets acquired by him by way of inheritance/ legacy on production .....

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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 .....

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made out of the remitter s balances held in the account arising from his/ her legitimate receivables in India and not by borrowing from any other person or a transfer from any other NRO account and if such is found to be the case, the account holder .....

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