Reserve Bank prior permission for remittances: large legacy, inheritance or hardship transfers allowed subject to conditions. Applications for remittance of assets on closure or winding up of a foreign resident's branch/office must be filed with the authorised dealer and supported by RBI permission copy (if applicable), an auditor's certificate detailing remittable amount and liabilities, confirmation of no pending legal proceedings, and a Registrar of Companies report where winding up is involved; the authorised dealer may permit remittance subject to Reserve Bank directions. Remittances above the prescribed annual threshold for legacy, inheritance or NRO-related transfers, and hardship remittances, require prior Reserve Bank permission subject to terms and conditions.
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.
Reserve Bank prior permission for remittances: large legacy, inheritance or hardship transfers allowed subject to conditions.
Applications for remittance of assets on closure or winding up of a foreign resident's branch/office must be filed with the authorised dealer and supported by RBI permission copy (if applicable), an auditor's certificate detailing remittable amount and liabilities, confirmation of no pending legal proceedings, and a Registrar of Companies report where winding up is involved; the authorised dealer may permit remittance subject to Reserve Bank directions. Remittances above the prescribed annual threshold for legacy, inheritance or NRO-related transfers, and hardship remittances, require prior Reserve Bank permission subject to terms and conditions.
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