Which are the cases related to Remittance of Assets for which prior approval of RBI is to be sought for effecting the remittance? - FEMA - FAQ - FEMA

Answer: RBI approval is required if: (i) Remittance is in excess of USD 1,000,000 (US Dollar One million only) per financial year: (a) on account of legacy, bequest or inheritance to a citizen of foreign state, resident outside India; and (b) by NRIs/ PIOs out of the balances held in NRO accounts/ sale proceeds of assets/ the assets acquired by way of inheritance/ legacy. (ii) Hardship will be caused to a person if remittance from India is not made to such a person.