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of <h1>Amendment to FEMA: NRIs/PIOs Can Remit Up to $1 Million Annually from NRO Accounts, Inherited or Settled Assets.</h1> The circular addresses amendments to the Foreign Exchange Management Act (FEMA) regulations concerning the remittance of assets by Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). It allows NRIs/PIOs to remit up to USD one million annually from balances in NRO accounts, sale proceeds, or assets acquired through inheritance or settlement. The amendment extends the facility to assets passed via settlement, simplifying the process by avoiding probate. Authorized banks can facilitate these remittances upon receiving necessary documentation. Existing guidelines for specific countries remain unchanged, and the circular's directions are issued under FEMA provisions.
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