Master Direction - Remittance of Assets

Question 1

Remittances of Assets by individuals who is a foreign national but not an NRIs/ PIOs is allowed if…….

Answer 1

the person has retired from employment in India, has inherited from a person as per section 6(5) of FEMA or is a non-resident widow/widower and has inherited assets from her/his deceased spouse who was an Indian national resident in India.

Question 2

Remittance of Assets not hold on repatriation basis shall be permitted upto a limit of……….

Answer 2

USD 1 million per financial year (Above this limit will require RBI Permission). This limit, however, will not cover sale proceeds of assets held on repatriation basis.

Question 3

An NRI/PIO can transfer out of their NRO balances up to a limit which is……..

Answer 3

USD 1 million per financial year (Above this limit it will require RBI Permission).