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of <h1>RBI Approval Needed for Asset Remittance Over $1M or Office Closure in India per FEMA Regulations 2016.</h1> The Reserve Bank of India (RBI) requires prior permission for certain capital account transactions under the Foreign Exchange Management (Remittance of Assets) Regulations, 2016. For remittance of assets upon closure or winding up of a branch or liaison office in India, an application must be submitted with supporting documents, including RBI's establishment permission, an auditor's certificate, legal confirmations, and compliance reports. Additionally, remittances exceeding USD 1,000,000 per financial year, or those causing hardship if not made, require RBI approval. The authorized dealer or RBI may permit these remittances subject to specific terms and conditions.
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