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TMI BlogForeign Exchange Management (Remittance of Assets) Regulations, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... or not, of assets in India, namely: 1. Short title and commencement:- i) These Regulations may be called the Foreign Exchange Management (Remittance of Assets) Regulations, 2016. ii) They shall come into force from the date of their publication in the official Gazette. 2. Definitions:- In these Regulations, unless the context requires otherwise, - (i) 'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999); (ii) 'Authorised Dealer' means a person authorised as an authorised dealer under subsection (1) of section 10 of the Act; (iii) 'Non-Resident Indian' (NRI) shall have the same meaning assigned under the Foreign Exchange Management (Deposit) Regulations, 2016; (iv) 'Person of Indian Origin' (P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inherited assets of the deceased spouse who was an Indian citizen resident in India, may remit through an authorised dealer an amount, not exceeding USD 1,000,000 (US Dollar One million only) per financial year on production of documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter. Provided that for the purpose of arriving at annual ceiling of remittance, 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 India) Regulations, 2016 and Foreign Exchange Management (Transfer or issue of security by a person residen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ided 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. Provided further that where the remittance is to be made from the balances held in the NRO account, the account holder shall furnish an undertaking to the Authorised Dealer 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." (3) An authorised dealer in India may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ployer outside India; (b) 'not permanently resident' means a person resident in India for employment of a specified duration (irrespective of length thereof) or for a specific job or assignment, the duration of which does not exceed three years. 6. Permission for remittance of assets on closure or remittance of winding up proceeds of branch office/ liaison office (other than project office) (1) A branch or office established in India by a person resident outside India may, for making remittance of assets on closure or remittance of its winding up proceeds, apply to the Authorised Dealer concerned supported by the following documents, namely: (A) A copy of the Reserve Bank's permission for establishing the branch/ office in In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly: (i) Remittance exceeding 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 a Non-Resident Indian (NRI) or Person of Indian Origin (PIO), out of the balances held in NRO accounts/ sale proceeds of assets/ the assets acquired by way of inheritance/ legacy. (ii) Remittance to a person resident outside India on the ground that hardship will be caused to such a person if remittance from India is not made; (2) On consideration of the application made under sub-regulation (1), the Reserve Bank may permit the remittance, subject to such terms and conditions as it deem necessary. 8. Payment of taxes:- Any tra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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