Chapter 01 - Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 (From Regulation 1 to SCHEDULE II)
Remittances after death: authorised dealers may remit to overseas nominees; resident nominees require Reserve Bank approval. On the death of a foreign currency account holder, authorised dealers may remit to an overseas nominee the nominee's share; an India resident nominee seeking to remit funds abroad to meet the deceased's liabilities must apply to the Reserve Bank for approval; a resident nominee of an account held outside India must close the account and bring the proceeds back to India via banking channels.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Remittances after death: authorised dealers may remit to overseas nominees; resident nominees require Reserve Bank approval.
On the death of a foreign currency account holder, authorised dealers may remit to an overseas nominee the nominee's share; an India resident nominee seeking to remit funds abroad to meet the deceased's liabilities must apply to the Reserve Bank for approval; a resident nominee of an account held outside India must close the account and bring the proceeds back to India via banking channels.
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