TaxTMI 
TaxTMI 
Master Direction - Remittance of assets (Updated as on June 29, 2026)
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....orporate the changes in the regulatory framework and published through amendment notifications. 2. Within the contours of the Regulations, Reserve Bank of India also issues directions to Authorised Persons under Section 11 of the Foreign Exchange Management Act (FEMA), 1999. These directions lay down the modalities as to how the foreign exchange business has to be conducted by the Authorised Persons with their customers/constituents with a view to implementing the regulations framed. 3. Instructions issued on remittance of assets have been compiled in this Master Direction. The list of underlying circulars/ notifications which form the basis of this Master Direction is furnished in the Appendix. Reporting instructions can be found in ....
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....erson resident outside India who is a citizen of any country other than Bangladesh or Pakistan or such other country as may be specified by the Central Government, satisfying the following conditions: • Who was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or • Who belonged to a territory that became part of India after the 15th day of August, 1947; or • Who is a child or a grandchild or a great grandchild of a citizen of India or of a person referred to in clause (a) or (b); or • Who is a spouse of foreign origin of a citizen of India or spouse of foreign origin of a person referred to in clause (a) or (b) or (c) Explanation: PIO w....
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.... account by a foreign student who has completed his/ her studies, provided such balance represents proceeds of remittances received from abroad through normal banking channels or rupee proceeds of foreign exchange brought by such person and sold to an authorised dealer or out of stipend/ scholarship received from the Government or any organisation in India. These facilities are not available for citizens of Nepal or Bhutan or a PIO. 3.2 Remittances by NRIs/ PIOs ADs may allow NRIs/ PIOs, on submission of documentary evidence, to remit, ^5including transfer to NRE and SNRR accounts, up to USD one million, per financial year: • out of balances in their non-resident (ordinary) (NRO) accounts/ sale proceeds of assets/ asse....
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....n of: • Auditor's certificate confirming that all liabilities in India have been either fully paid or adequately provided for. • Auditor's certificate to the effect that the winding up is in accordance with the provisions of the Companies Act, 1956. • In case of winding up otherwise than by a court, an auditor's certificate to the effect that there are no legal proceedings pending in any court in India against the applicant or the company under liquidation and there is no legal impediment in permitting the remittance. 3.3.2 ADs may also allow Indian entities to remit their contribution towards the provident fund/ superannuation/ pension fund in respect of their expatriate staff resident ....
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.... 4. Remittance of assets requiring RBI approval 4.1 Prior approval of the Reserve Bank is necessary for remittance of assets where: • Remittance is in excess of USD 1,000,000 (US Dollar One million only) per financial year (i) on account of legacy, bequest or inheritance to a citizen of foreign state, resident outside India; (ii) by NRIs/ PIOs out of the balances held in NRO accounts/ sale proceeds of assets/ the assets acquired by way of inheritance/ legacy. • Hardship will be caused to a person if remittance from India is not made to such a person. 4.2 Remittance of funds from the sale of assets in India held by a person, whether resident in or outside India, not covered under the directions stipulated ab....