Remittance of assets: ADs may permit specified outward transfers from India; excess or hardship cases require RBI approval. The Remittance of Assets Regulations, 2016 replace earlier rules and set when Authorised Dealers may permit outward transfers of funds or proceeds of assets held in India and when prior Reserve Bank approval is required. Definitions cover Non-resident Indian, Person of Indian Origin, remittance of asset, expatriate staff and not permanently resident. ADs may allow remittances for retirements, inheritances, student account closures, NRO balances and certain company liquidation or expatriate provident fund contributions, subject to documentary evidence, routing conditions and undertakings; excess or hardship remittances need RBI approval and all transactions remain subject to Indian tax laws.
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.
Remittance of assets: ADs may permit specified outward transfers from India; excess or hardship cases require RBI approval.
The Remittance of Assets Regulations, 2016 replace earlier rules and set when Authorised Dealers may permit outward transfers of funds or proceeds of assets held in India and when prior Reserve Bank approval is required. Definitions cover Non-resident Indian, Person of Indian Origin, remittance of asset, expatriate staff and not permanently resident. ADs may allow remittances for retirements, inheritances, student account closures, NRO balances and certain company liquidation or expatriate provident fund contributions, subject to documentary evidence, routing conditions and undertakings; excess or hardship remittances need RBI approval and all transactions remain subject to Indian tax laws.
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