What are the assets out of/ from which funds may be remitted and by whom? - FEMA - FAQ - FEMA

Answer A foreign national of non-Indian origin (other than Nepal/ Bhutan/ PIO) An NRI/ PIO Indian entity A branch or office established in India by a person resident outside India 1. The person has retired from employment in India. 2. Inherited assets from a person referred to in Sec 6(5) 1 of FEMA 3. The person is a non-resident widow/ widower and has inherited assets from her/ his deceased spouse who was an Indian national resident in India. May remit up to USD 1 Million in a financial year 1. From the balances of NRO account subject to declaration* 2. Sale proceeds of assets 3. Assets acquired from legacy/ inheritance/ deed of settlement May remit up to USD 1 Million in a financial year *Where the remittance is to be made from the balances held in the NRO account, the Authorised Dealer should obtain an undertaking from the account holder stating that the said remittance is sought to be 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 will render himself/ herself liable for penal action under FEMA. Its contribution towards PF/ superannuation fund/ pension for expatriate employee who are resident but not permanently resident. Remit its winding up proceeds after submission of requisite documents 1 A person resident outside India may hold, own, transfer or invest in Indian currency, security or any immovable property situated in India if such currency, security or property was acquired, held or owned by such person when he was resident in India or inherited from a person who was resident in India.