Remittance limits revised; NRIs and PIOs may remit inherited assets with tax clearance through authorised dealers. The amendment defines Non-Resident Indian (NRI), replaces the prior rupee limit with an annual foreign-currency ceiling for remittance of assets, and permits NRIs/PIOs to remit inherited assets up to that annual ceiling on production of documentary evidence and a tax clearance/no-objection certificate; all installments must be made through the same authorised dealer. Authorised dealers may effect eligible remittances without prior Reserve Bank approval, and a related provision concerning remittances exceeding the annual ceiling on account of legacy, bequest or inheritance to persons permanently resident abroad is substituted.
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Provisions expressly mentioned in the judgment/order text.
Remittance limits revised; NRIs and PIOs may remit inherited assets with tax clearance through authorised dealers.
The amendment defines Non-Resident Indian (NRI), replaces the prior rupee limit with an annual foreign-currency ceiling for remittance of assets, and permits NRIs/PIOs to remit inherited assets up to that annual ceiling on production of documentary evidence and a tax clearance/no-objection certificate; all installments must be made through the same authorised dealer. Authorised dealers may effect eligible remittances without prior Reserve Bank approval, and a related provision concerning remittances exceeding the annual ceiling on account of legacy, bequest or inheritance to persons permanently resident abroad is substituted.
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