Remittance of assets in India acquired by way of inheritance/legacy/Foreign Nationals - FEMA - 019

Remittance of assets in India acquired by way of inheritance/legacy/Foreign Nationals RESERVE BANK OF INDIA EXCHANGE CONTROL DEPARTMENT CENTRAL OFFICE MUMBAI - 400 001 A.P. (DIR Series) Circular No.19 September 12, 2002 To All Authorised Dealers in Foreign Exchange Madam / Sirs, Remittance of assets in India acquired by way of inheritance/legacy/Foreign Nationals Attention of authorised dealers is invited to Regulation 4 of Reserve Bank Notification No.FEMA.13/2000-RB dated May 3, 2000 in terms of which, authorised dealers have been permitted to allow remittance upto Rs.20 lakhs per calendar year, out of the assets in India to foreign nationals, including retired employees or non-resident widows of Indian citizens. Reserve Bank has issued year and also extend the facility of Notification No.FEMA.62/RB-2002 dated May 13, 2002 (copy enclosed) amending the above Notification to enhance the existing limit of Rs.20 lakhs to USD 100,000 per calendar remittance to Non-Resident Indians and Persons of Indian Origin (NRIs/PIOs)not exceeding USD 100,000, per calendar year, out of the assets in India acquired by way of inheritance/legacy. 2. Accordingly, it will be in order for authorised dealers to allow remittance of an amount not exceeding USD 100,000 (US Dollars one lakh only), per calendar year, out of the assets in India, by a citizen of foreign state, not being a citizen of Nepal and Bhutan or a person of Indian Origin (PIO) on production of the following :- documentary evidence in support of acquisition of assets by the remitter, and a tax clearance/No Objection Certificate from the Income-Tax authority for the remittance. 3. It will be also in order for the authorised dealers to allow remittances by a Non Resident Indian and Person of Indian Origin an amount not exceeding USD 100,000 (US Dollar one lakh only) per calendar year, out of the assets in India acquired by way of inheritance/legacy , on production of the following : documentary evidence to establish that the assets have been acquired by inheritance/legacy; and a tax-clearance/No Objection Certificate from the Income-Tax authority for the remittance. 4. In case, the remittance is to be made in more than one instalment, the remittance of all instalments should be remitted through the same authorised dealer. 5. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned. 6. The directions contained in the circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Yours faithfully, Grace Koshie Chief General Manager