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of <h1>RBI's 2016 Rules on Remittance of Assets Abroad: Conditions for Residents, NRIs, PIOs, and Foreign Citizens Explained.</h1> The Foreign Exchange Management (Remittance of Assets) Regulations, 2016, issued by the Reserve Bank of India, govern the remittance of assets outside India. These regulations, effective from April 1, 2016, detail the conditions under which individuals, both residents and non-residents, can remit assets such as bank deposits, provident funds, insurance proceeds, and property sale proceeds. Specific provisions are made for foreign citizens, NRIs, and PIOs, allowing remittances up to USD 1 million per financial year. The regulations also address remittances related to company liquidations and closure of foreign branches in India, requiring compliance with Indian tax laws and Reserve Bank permissions in certain cases.
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