Prohibition on remittance of assets held in India; specified remittances allowed with documentary proof and authorised dealer oversight. Prohibition on remittance outside India bars remittance of assets held in India except as permitted by law or by Reserve Bank permission; 'remittance of asset' covers bank deposits, provident or superannuation balances, insurance proceeds and sale proceeds of shares, securities and immovable property. General permissions allow specified foreign citizens, NRIs and persons of Indian origin to remit subject to documentary proof, authorised dealer processing, and conditions for instalments and undertakings. Remittances from companies in liquidation require court or liquidator orders and auditor certificates, while Indian entities may remit contributions for expatriate staff's funds where the staff are not permanently resident.
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.
Prohibition on remittance of assets held in India; specified remittances allowed with documentary proof and authorised dealer oversight.
Prohibition on remittance outside India bars remittance of assets held in India except as permitted by law or by Reserve Bank permission; "remittance of asset" covers bank deposits, provident or superannuation balances, insurance proceeds and sale proceeds of shares, securities and immovable property. General permissions allow specified foreign citizens, NRIs and persons of Indian origin to remit subject to documentary proof, authorised dealer processing, and conditions for instalments and undertakings. Remittances from companies in liquidation require court or liquidator orders and auditor certificates, while Indian entities may remit contributions for expatriate staff's funds where the staff are not permanently resident.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
