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of <h1>RBI Introduces New Rules for Foreign Asset Transfers, Streamlining Cross-Border Remittance Processes Under FEMA Section 47</h1> The Reserve Bank of India issued Foreign Exchange Management (Remittance of Assets) Regulations, 2016 under Section 47 of the Foreign Exchange Management Act, 1999. These regulations supersede previous notifications and govern the remittance of assets outside India by residents and non-residents. The regulations came into effect upon publication in the official Gazette, establishing guidelines for cross-border asset transfers and foreign exchange management.
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