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TMI BlogPermission for remittance of assets in certain casesX X X X Extracts X X X X X X X X Extracts X X X X ..... side India and has inherited assets of her deceased husband who was an Indian citizen resident in India, 13 [may remit an amount, not exceeding US$ 1, 000, 000 (US Dollar One Million Only) per financial year subject to payment of applicable taxes in India, if any, on production of] 3 (a) documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter 14 [***] 15 [(b) ***] Provided that for the purpose of arriving at annual ceiling of remittance under the sub-regulation (2), the funds representing sale proceeds of shares and immovable property owned or held by the citizen of foreign state on repatriation basis in accordance with the Foreign Exchange Management (Acquisition and transfer of immovable property in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inal deed of settlement; 19 [***] 20 [***] 11 Omitted Provided 12 ( *** ) that where the remittance under Clause (i) and (ii) is made in more than one instalment, the remittance of all instalments shall be made through the same Authorised Dealer. 5 (4) An authorised dealer in India may, without approval from Reserve Bank, effect remittance of assets made by a person eligible under sub-regulation (2) or sub-regulation (3) as the case may be and also allow remittance out of the assets of Indian companies under liquidation under the provisions of the Companies Act, 1956 , subject to the following conditions : (i) Authorised Dealer shall ensure that the remittance is in compliance with the order issued by a court in India/ order issued by the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n support of acquisition of assets by the remitter; and . 4. Has been substituted vide Notification No. 119/2004 dated 29/6/2004 , before it was read as, A Non-resident Indian (NRI)/Person of Indian Origin (PIO), may remit an amount, not exceeding US$ 1,000,000 (US Dollar One million only) per calendar year, out of the balances held in NRO accounts/sale proceeds of assets/the assets in India acquired by him by way of inheritance/legacy, on production of the documents detailed in sub-regulation (2)(a) and (b); Provided that in respect of remittance of sale proceeds of immovable property, the property/sale proceeds were held/retained as deposits cumulatively for a minimum period of 10 years; Provided further that where the remittance is made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n substituted vide Notification No. Supra , before it was read as, a Tax clearance/no objection certificate from the Income-Tax authority for the remittance 8. For the word 'calendar', the word 'financial' has been substituted vide Notification No. Supra 9. Has been substituted vide Notification No. Supra , before it was read as, a tax clearance/no objection certificate from the Income Tax Authority for the remittance 10. Has been substituted vide Notification No. Supra , before it was read as, a tax clearance/No objection certificate from the Income-Tax Authority for the remittance; 11. Proviso has been Omitted vide Notification No. Supra , before it was read as, Provided that in respect of remittance of sale proceeds of im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 , before it was read as, and 20. Deleted vide NOTIFICATION NO. 324/2014-RB Dated 31st October, 2014 , before it was read as, 10 (b) an undertaking by the remitter and certificate from a Chartered Accountant in the format prescribed by the Central Board of Direct Taxes, Ministry of Finance, Government of India in their Circular No. 10/2002 dated October 9, 2002. 21. Deleted vide NOTIFICATION NO. 324/2014-RB Dated 31st October, 2014 , before it was read as, No objection or Tax clearance certificate from Income Tax authority for the remittance. 22. Inserted vide NOTIFICATION NO. 324/2014-RB Dated 31st October, 2014 - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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