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of <h1>Foreign Citizens and NRIs Navigate Complex Asset Remittance Rules Requiring Prior Approval for Transfers Over $1 Million</h1> The regulation outlines scenarios requiring Reserve Bank's prior permission for asset remittances. Specifically, it covers remittances exceeding USD 1 million for inheritance or legacy to foreign citizens, NRI/PIO transfers from specific account types, and cases where hardship would result from non-remittance. The Reserve Bank retains discretion to permit such transfers subject to its determined terms and conditions.
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