Amendments to FEMA Regulations – Remittance of assets by Non-Resident Indians (NRIs)/Persons of Indian Origin (PIO)

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..... gn Exchange Madam/Sirs, Amendments to FEMA Regulations - Remittance of assets by Non-Resident Indians (NRIs)/Persons of Indian Origin (PIO) Attention of banks authorised to deal in foreign exchange is invited to Regulation 4(3) of the Notification No. FEMA 13/2000-RB dated May 3, 2000, as amended from time to time and , A.P. (DIR Series) Circular No.67 dated January 13, 2003, in terms of .....

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..... he beneficiary on the death of the owner/parent without any legal procedures/hassles and helps in avoiding delay and inconvenience in applying for probate, etc 3. Accordingly, banks authorized to deal in foreign exchange are authorized to allow remittance facility to a NRI/PIO, up to USD one million, per calendar year, out of balance in the NRO account; sale proceeds of assets; the assets in Ind .....

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..... hall continue. 5. The relevant amendments to the Foreign Exchange Management (Remittance of Assets) Regulations, 2000 notified vide Notification No FEMA 13/2000-RB dated May 3, 2000 have been issued vide Notification No .FEMA 119/2004-RB dated June 29, 2004, a copy of which is enclosed. 56. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned .....

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