Reserve Bank prior permission required for large asset remittances; approvals granted subject to regulatory conditions. A person seeking to remit assets abroad in specified cases must obtain Reserve Bank's prior permission. The cases include remittances for legacy, bequest or inheritance to foreign-resident beneficiaries and remittances by NRIs or PIOs from NRO balances, sale proceeds or inherited assets where the remittance exceeds the regulation's threshold, as well as remittances on grounds of hardship; the Reserve Bank may permit such remittances subject to terms and conditions.
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.
Reserve Bank prior permission required for large asset remittances; approvals granted subject to regulatory conditions.
A person seeking to remit assets abroad in specified cases must obtain Reserve Bank's prior permission. The cases include remittances for legacy, bequest or inheritance to foreign-resident beneficiaries and remittances by NRIs or PIOs from NRO balances, sale proceeds or inherited assets where the remittance exceeds the regulation's threshold, as well as remittances on grounds of hardship; the Reserve Bank may permit such remittances subject to terms and conditions.
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