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Section 7: Reserve Bank's prior permission in certain cases

the Foreign Exchange Management (Remittance of Assets) Regulations, 2016.Central Regulations · 1999

(1) A person who desires to make a remittance of assets in the following cases, may apply to the Reserve Bank, namely:

(i) Remittance exceeding USD 1,000,000 (US Dollar One million only) per financial year –

(a) on account of legacy, bequest or inheritance to a citizen of foreign state, resident outside India;

and

(b) by a Non-Resident Indian (NRI) or Person of Indian Origin (PIO), out of the balances held in NRO accounts/ sale proceeds of assets/ the assets acquired by way of inheritance/ legacy.

(ii) Remittance to a person resident outside India on the ground that hardship will be caused to such a person if remittance from India is not made;

(2) On consideration of the application made under sub-regulation (1), the Reserve Bank may permit the remittance, subject to such terms and conditions as it deem necessary.

Where this provision sits

Actthe Foreign Exchange Management (Remittance of Assets) Regulations, 2016.
Section7
Marginal noteReserve Bank's prior permission in certain cases
JurisdictionCentral
StatusIn force as published by the source

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