TaxTMI 
TaxTMI 
Foreign Exchange Management (Remittance of Assets) Regulations, 2016
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....son whether resident in India or not, of assets in India, namely: 1. Short title and commencement:- i) These Regulations may be called the Foreign Exchange Management (Remittance of Assets) Regulations, 2016. ii) They shall come into force from the date of their publication in the official Gazette. 2. Definitions:- In these Regulations, unless the context requires otherwise, - (i) 'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999); (ii) 'Authorised Dealer' means a person authorised as an authorised dealer under subsection (1) of section ....
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....ance of any asset held in India by him or by any other person. 4. Permission for remittance of assets in certain cases:- (1) A citizen of foreign state, not being a Person of Indian origin (PIO) or a citizen of Nepal or Bhutan, who (i) has retired from an employment in India, or (ii) has inherited the assets from a person referred to in sub-section (5) of section 6 of the Act; or (iii) is a widow/ widower resident outside India and has inherited assets of the deceased spouse who was an Indian citizen resident in Ind....
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....y Organisation in India. (2) A Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) may remit through an authorised dealer an amount, not exceeding USD 1,000,000 (US Dollar One million only) per financial year, (i) out of the balances held in the Non-Resident (Ordinary) Accounts (NRO accounts) opened in terms of Foreign Exchange Management (Deposit) Regulations, 2016/ sale proceeds of assets/ the assets acquired by him by way of inheritance/ legacy on production of documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter; (ii) Under a ....
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....d by a court in India/ order issued by the official liquidator or the liquidator in the case of voluntary winding up; and (ii) no remittance shall be allowed unless the applicant submits:- (a) Auditor's certificate confirming that all liabilities in India have been either fully paid or adequately provided for. (b) Auditor's certificate to the effect that the winding up is in accordance with the provisions of the Companies Act, 2013. &....
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....tablished in India by a person resident outside India may, for making remittance of assets on closure or remittance of its winding up proceeds, apply to the Authorised Dealer concerned supported by the following documents, namely: (A) A copy of the Reserve Bank's permission for establishing the branch/ office in India, wherever applicable; (B) Auditor's certificate: (i) indicating the manner in which the remittable amount has been arrived and supported by a statement of assets and liabilities of the applicant, and indicating the manner of disposal of assets; &nb....