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of <h1>Legal Framework Clarifies Foreign Asset Transfer Rules Under FEMA with Precise Definitions for Remittance and Non-Resident Categories</h1> The text provides definitions for key terms in the Foreign Exchange Management (Remittance of Assets) Regulations, 2016. It defines terms like 'Act', 'Authorised Dealer', 'Non-Resident Indian', and 'Person of Indian Origin'. The regulation specifically defines 'Remittance of asset' as transferring funds outside India, including deposits, provident fund balances, insurance proceeds, and sale proceeds of various assets, in accordance with the Foreign Exchange Management Act, 1999.
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