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of <h1>New FEMA Rules on Asset Remittances from India: Key Limits, Approvals, and Compliance for NRIs, PIOs, and Companies.</h1> The circular outlines the regulations for remittance of assets from India under the Foreign Exchange Management Act (FEMA), 1999, as amended. It specifies conditions for remittances by individuals, including non-resident Indians (NRIs) and persons of Indian origin (PIOs), and entities like companies and offices. Remittances are generally capped at USD one million per financial year, with specific provisions for inheritances, settlements, and provident fund contributions. Certain remittances require prior approval from the Reserve Bank of India (RBI), especially if exceeding the specified limit or causing hardship. Compliance with tax laws is mandatory, and the circular consolidates previous notifications and directions.
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