Regulation 2 - Definitions - Foreign Exchange Management (Remittance of Assets) Regulations, 2000

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; 1 (iii) 'Non-Resident Indian (NRI)' means a person resident outside India who is a citizen of India. 2 (iv) 'Person of Indian Origin (PIO)' means a citizen of any country other than Bangladesh or Pakistan, if (a) he at any time held Indian passport; or (b) he or either of his parents or any of his grand-parents was a citizen of India by virtue of the Constitution of India or the Citizenship Act 1955 (57 of 1955); or (c) the person is a spouse of an Indian citizen or a person referred to in sub clause (a) or (b). 2 (v) 'Remittance of asset' means remittance outside India of funds representing a deposit with a bank or a firm or a 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 or regulations made thereunder; 2 (vi) the words and expressions used but not defined in these Regulations shall have the same meanings respectively assigned to them in the Act. ********************** Note : 1. Has been inserted vide Notification No. 062/2002 dated 13/5/2002 2. In regulation 2, clause (iii) inserted old (iii) (iv) (v) has been renumbered as (iv) (v) (vi) vide Notification no. Supra