Prohibition on Remittance outside India of assets held in India

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....e provided in the Act or rules or regulations made or issued thereunder, no person, whether resident in India or not, shall make remittance of any asset held in India by him or by any other person: • Provided that the Reserve Bank may, for sufficient reasons, permit any person to make remittance of any asset held in India by him or by any other person. • 'Remittance of asset' Define Regulation 2(v) • 'Remittance of asset' means remittance outside India of funds representing a deposit with a bank or a firm or a company, provident fund balance or superannuation benefits, amount of claim or maturity proceeds of Insurance policy, sale proceeds of shares, securities, immovable property or an....

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....s, 2000 (Amended time to time) Note:- Above mention Regulation has been supressed by the following Rule and Regulation • Foreign Exchange Management (Non-debt Instruments) Rules, 2019 • Foreign Exchange Management (Debt Instruments) Regulations, 2019 • Remittance made in Installment • The remittance is made in more than one instalment, the remittance of all instalments shall be made through the same authorised dealer. (iv) had come to India for studies/ training and has completed his studies/ training, may remit the balance available in his account, provided such balance represents funds; • derived out of remittances received from abroad through nor....

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....ought to be made out of the remitter's balances held in the account arising from his/ her legitimate receivables in India and not by borrowing from any other person or a transfer from any other NRO account and if such is found to be the case, the account holder will render himself/ herself liable for penal action under FEMA." (3) An authorised dealer in India may, also allow remittance out of the assets of Indian companies under liquidation under the provisions of the Companies Act, 2013, subject to the following conditions to be fullfilled: (i) Authorised Dealer shall ensure that the remittance is in compliance with the order issued by a court in India/ order issued by the official liquidator or the liquidator in the case of vo....