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Notification No.FEMA 119 /2004-RB
June 29, 2004
Foreign Exchange Management
(Remittance of Assets) (Amendment) Regulations, 2004
In exercise of the powers conferred
by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and
in partial modification of its Notification
No.FEMA.13/2000-RB dated May 3, 2000, the Reserve Bank of India makes the
following amendments in the Foreign Exchange Management (Remittance of Assets)
Regulations, 2000, namely:-
Short title and commencement
:-
1. (i) These Regulations may be
called the 'Foreign Exchange Management (Remittance of Assets) (Amendment) Regulations,
2004'
(ii) They shall come into force
from the date of their publication in the officialGazette.
Amendment of the Regulations
:-
2. (i) In the Foreign Exchange
Management (Remittance of Assets) Regulations, 2000, in Regulation 4, for sub-regulation
(3), the following sub-regulation shall be substituted, namely:-
'(3) A Non-Resident
Indian (NRI)/Person of Indian Origin (PIO) may remit an amount, not exceeding
US $ 1,000,000 (US Dollar One million only) per calendar year,
(i) out of the balances held in
NRO accounts/sale proceeds of assets/the assets in India acquired by him by
way of inheritance/legacy on production of:
(a) documentary
evidence in support of acquisition, inheritance or legacy of assets by the
remitter, and
(b) a tax clearance/no
objection certificate from the Income Tax Authority for the remittance
(ii) Under a deed of settlement
made by either of his parents or a close relative (as defined in Section 6 of
the Companies Act, 1956) and the settlement taking effect on the death of the
settler, on production of :
(a) the original
deed of settlement; and
(b) a tax clearance/No objection
certificate from the Income-Tax Authority for the remittance;
Provided that in respect of remittance
of sale proceeds of immovable property (acquired other than by way of inheritance/legacy/settlement),the
property/sale proceeds were held/retained as eligible investments cumulatively
for a minimum period of 10 years;
Provided further that where the
remittance under Clause (i) and (ii) is made in more than one instalment, the
remittance of all instalments shall be made through the same Authorised Dealer'.
(Shyamala Gopinath)
EXECUTIVE DIRECTOR
Foot Note:- The
Principal Regulations were published in the Official Gazette Vide G.S.R. No.396
(E) dated May 5, 2000 in Part II, Section 3, Sub-section (i) and subsequently
amended vide G.S.R. Nos.576 (E) dated August 19, 2002, 630 (E) dated August
4, 2003 and 699 (E) dated September 1, 2003
G.S.R.No.493(E)/04.08.2004
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