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of <h1>RBI Amends Foreign Exchange Management Regulations: Non-Residents Can Remit Up to $1 Million Annually, Subject to Taxes</h1> The Reserve Bank of India amended the Foreign Exchange Management (Remittance of Assets) Regulations, 2000, effective from its publication date. The amendment allows for the remittance of up to US$1,000,000 per financial year by non-resident Indians or persons of Indian origin, subject to applicable Indian taxes. Specific clauses and sub-clauses in the regulations have been modified or deleted to incorporate these changes, emphasizing the requirement for tax payment. The amendments also update procedures for authorized dealers, ensuring compliance with Reserve Bank directions and tax obligations.
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