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of <h1>Understanding Asset Remittance Rules: Key Permissions and Prohibitions in Regulations 3-5 for NRIs and Foreign Citizens</h1> The Foreign Exchange Management (Remittance of Assets) Regulations, 2016, govern the remittance of assets outside India. Regulation 3 prohibits such remittances unless permitted by the Reserve Bank for sufficient reasons. Regulation 4 outlines general permissions for remittance up to USD 1,000,000 per financial year for foreign citizens, non-resident Indians (NRIs), or persons of Indian origin (PIOs) under specified conditions. Regulation 5 allows Indian entities to remit contributions to provident or pension funds for expatriate staff. Additionally, remittances from Indian companies under liquidation are permitted if specific conditions are met, including compliance with court orders and auditor certifications.
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