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Foreign Exchange Management (Remittance of Assets) (Amendment)
Regulations, 2002
FEMA
Notification No. 62 dated 13th May 2002
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 3rd May 2000, the Reserve Bank
of India makes the following amendments in Foreign Exchange Management
(Remittance of Assets) Regulations, 2000, namely:
1.
Short title & Commencement:
(i)
These Regulations may be called the �Foreign Exchange Management
(Remittance of Assets) (Amendment) Regulations, 2002�.
(ii)
They shall come into force from the date of their publication in the
Official Gazette of the Government of India.
2.
Amendment to the Regulation:
In
the Foreign Exchange Management (Remittance of Assets) Regulations, 2000,
(a)
in Regulation 2,
(i)
after clause (ii), the following clause shall be inserted, namely:
�(iii)
�Non-resident Indian (NRI)� means a person resident outside India who is a
citizen of India.�
(ii)
The existing clause (iii), (iv) and (v) shall be renumbered as (iv), (v)
and (vi) respectively.
(b)
In regulation 4,
(i)
for sub-regulation (1) the following sub-regulation shall be substituted,
namely:
�(1)
A person specified in sub-regulation (2) and (3) may make remittance of assets
through an authorised dealer, to the extent specified in those
sub-regulations.�
(ii)
In sub-regulation (2), the words, �Rs. 20 lakhs per calendar year�
shall be substituted with the words, �US$1,00,000 (US Dollar One lakh only)
per calendar year.�
(iii)
after sub-regulation (2), the following sub-regulation shall be inserted,
namely:
�(3)
A non-resident Indian (NRI)/ Person of Indian Origin (PIO), may remit an amount
not exceeding US$ 1,00,000 (US Dollar One lakh only) per calendar year, out of
the assets in India acquired by him by way of inheritance/ legacy on production
of,
(a)
documentary evidence in support of the inheritance/ legacy, and
(b)
a Tax clearance/ no objection certificate from the Income-Tax authority for the
remittance.�
Provided
that where the remittance is made in more than on instalment, the remittance
of all installments shall be made through the same authorised dealer.
(iv)
for sub-regulation (3), the following sub-regulation shall be
substituted, namely:
�(4)
An Authorised dealer in India may, without approval from Reserve Bank, effect
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