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Foreign Exchange Management (Remittance of Assets) Regulations 2016

FEMA - 64/2015-16 [(1)/13(R)] - Dated:- 28-4-2016 - RBI/2015-16/384 A.P. (DIR Series) Circular No. 64/2015-16 [(1)/13(R)] April 28, 2016 To All Category - I Authorised Dealer and Authorised Banks Madam/ Sir Attention of Authorised Dealers (ADs) is invited to (a) A.D. (M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 (hereinafter referred to as the Act) .....

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me key definitions in the regulations are: a) A Non-resident Indian (NRI) is a person resident outside India who is a citizen of India b) A Person of Indian Origin (PIO) is a person resident outside India who is a citizen of any country other than Bangladesh or Pakistan or such other country as may be specified by the Central Government, satisfying the following conditions: I. Who was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or II. Who .....

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#39;Remittance of asset' 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 accordance with the provisions of the Act or rules/ regulations made under the Act; d) 'Expatriate staff' is a person whose provident/ superannuation/ pension fund is maintained out .....

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the Act or Rules or Regulations made under the Act. b) In terms of regulation 4(1) of the Remittance of Assets regulations, ADs may allow remittance of assets, up to USD one million per financial year, by a foreign national (not being a PIO or a citizen of Nepal or Bhutan), on submission of documentary evidence, in case: I. the person has retired from employment in India; II. the person has inherited the assets from a person referred to in section 6(5) of the Act; III. the person is a non-reside .....

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and PIOs, on submission of documentary evidence, to remit up to USD one million, per financial year: I. out of balances held in their Non-Resident (Ordinary) Accounts (NRO accounts)/ sale proceeds of assets/ assets acquired in India by way of inheritance/ legacy; II. out of assets acquired under a deed of settlement made by either of his parents or a relative as defined in Companies Act, 2013. The settlement should take effect on the death of the settler. In case the remittance is made in more t .....

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