Foreign Exchange Management (Remittance of Assets) (Second Amendment) Regulations, 2003

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....ication No. FEMA. 97 /2003-RB dated July 8, 2003 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 04.08.2003 - G.S.R. No. 630(E) In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in partial modification of Notification No. FEMA.13/2000-RB dated 3^rd May 2000 and N....

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.... ii. for clause (a), the following clause shall be substituted, namely:- '(a) documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter and' • for sub-regulation (3) the following sub-regulation shall be substituted, namely:- '(3) A Non-resident Indian (NRI)/Person of Indian Origin (PIO), may remit an amount, not exceeding US$ 1,000,000 (US....

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....lendar year - a. on account of legacy, bequest or inheritance to a citizen of foreign state, permanently resident outside India and b. by a Non-Resident Indian (NRI)/Person of Indian Origin (PIO), out of the balances held in NRO accounts/sale proceeds of assets/the assets in India acquired by way of inheritance/legacy.' (Usha Thorat) Executive Director GSR 630(E) dated July 8, 2003 ....