Foreign Exchange Management
(Remittance of Assets) Regulations, 2000
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Notification No.FEMA 13
/2000-RB dated 3rd May 2000
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RESERVE BANK OF INDIA
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(EXCHANGE CONTROL DEPARTMENT)
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CENTRAL OFFICE
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MUMBAI 400 001
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In exercise of the powers conferred by
Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999),
the Reserve Bank makes the following regulations in respect of remittance
outside India by a person whether resident in India or not, of assets
in India, namely:
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1.
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Short title and commencement :-
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i)
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These Regulations may be called the Foreign
Exchange Management (Remittance of Assets) Regulations, 2000.
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ii)
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They shall come into force on 1st day of
June, 2000.
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2.
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Definitions :-
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In these Regulations, unless the context
requires otherwise, -
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(i)
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'Act' means the Foreign Exchange Management
Act,1999 (42 of 1999);
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(ii)
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'authorised dealer' means a person authorised
as an authorised dealer under subsection (1) of section 10 of the Act;
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(iii)
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'Person of Indian Origin (PIO)' means a
citizen of any country other than Bangladesh or Pakistan, if
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a)
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he at any time held Indian passport;
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or
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b)
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he or either of his parents or any of his
grand-parents was a citizen of India by virtue of the Constitution of
India or the Citizenship Act 1955 (57 of 1955);
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or
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c)
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the person is a spouse of an Indian citizen
or a person referred to in subclause (a) or (b).
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(iv)
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'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 any other asset held in India
in accordance with the provisions of the Act or rules or regulations
made thereunder;
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(v)
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the words and expressions used but not
defined in these Regulations shall have the same meanings respectively
assigned to them in the Act.
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3.
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Prohibition on Remittance outside India
of assets held in India :-
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Save as otherwise 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:
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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.
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4.
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Permission for remittance of assets in
certain cases :-
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(1)
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A person specified in sub-regulation (2)
may make remittance of assets through an authorised dealer, to the extent
specified in that sub-regulation.
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(2)
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A citizen of foreign state, not being a
citizen of Nepal or Bhutan or a person of Indian origin (PIO), who –
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(i)
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has retired from an employment in India,
or
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(ii)
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has inherited the assets from a person
referred to in sub-section (5) of section 6 of the Act; or
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(iii)
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is a widow resident outside India and has
inherited assets of her deceased husband who was an Indian citizen resident
in India,
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may remit an amount, not exceeding Rs.20
lakhs per calendar year, on production of,
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(a)
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documentary evidence in support of acquisition
of assets by the remitter; and
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(b)
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a Tax clearance/no objection certificate
from the Income-Tax authority for the remittance:
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Provided that for the purpose of arriving
at annual ceiling of remittance under the sub-regulation (2), the funds
representing sale proceeds of shares and immovable property owned or
held by the citizen of foreign state on repatriation basis in accordance
with the Foreign Exchange Management (Acquisition and transfer of immovable
property in India) Regulations, 2000 and Foreign Exchange Management
(Transfer of Indian security by a person resident outside India) Regulations,
2000 made under the Act, shall not be included.
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Provided further that where the remittance
is made in more than one instalment, the remittance of all instalments
shall be made through the same authorised dealer.
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(iv)
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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 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.
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(3)
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An authorised dealer in India may, without
approval from Reserve Bank, effect remittance of assets made by a person
eligible under sub-regulation (2).
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