Foreign Exchange Management (Remittance of Assets) Regulations, 2016- (Reserve Bank of India) (28 Apr 2016)

MANU/APDR/0029/2016

FEMA

The Reserve Bank of India notified the Foreign Exchange Management (Remittance of Assets) Regulations 2016. The Regulations will be applicable in instances of remittances outside India of funds, movable and immovable property held in India.

Remittance of capital assets in India, held by a person, will require approval of the RBI if they fall outside the exemption threshold; for remittances to be made in more than one instalment, all instalments “should” be made through the same Authorised Dealer. Remittances under US$ 1 million by a foreign national may be allowed by Dealers per financial year.

Relevant : Rupee Drawing Arrangement MANU/APDR/0028/2016 Notification dated 1 April 2016 MANU/RFEM/0011/2016

Tags : REMITTANCE FOREIGN EXCHANGE NRI