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      • 1. Short title
      • 2. Authority for authentication and the manner of authentication of documents
      • 1. Short title and commencement
      • 2. Definitions
      • 3.
      • 4. Power of Reserve Bank to compound contravention
      • 5. The Power of Enforcement Directorate to compound contraventions
      • 6.
      • 7.
      • 8. Procedure for compounding
      • 9. Payment of amount compounded
      • 10.
      • 11.
      • 12. Contents of the order of the Compounding Authority
      • 13. Copy of the order
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Acquisition and transfer of property in India by an Indian citizen resident outside India
      • 4. Acquisition and transfer of property in India by a person of Indian origin
      • 5. Acquisition of immovable property for carrying on a permitted activity
      • 5-A. Purchase/sale of immovable property by Foreign Embassies/ Diplomats/Consulate Generals
      • 6. Repatriation of sale proceeds
      • 7. Prohibition on acquisition or transfer of immovable property in India by citizens of certain countries
      • 8. Prohibition on transfer of immovable property in India
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Restriction on acquisition or transfer of immovable property outside India
      • 4. Exemptions
      • 5. Acquisition and transfer of immovable property outside India
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Restriction on acquisition or transfer of immovable property outside India.
      • 4. Exemptions.
      • 5. Acquisition and Transfer of Immovable Property outside India.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Acquisition and Transfer of Property in India by a NonResident Indian or an Overseas Citizen of India.
      • 4. Acquisition of Immovable Property for carrying on a permitted activity.
      • 5. Purchase/sale of Immovable Property by Foreign Embassies/Diplomats/Consulate Generals.
      • 6. Joint acquisition by the spouse of an NRI or an OCI.
      • 7. Acquisition by a LongTerm Visa holder.
      • 8. Repatriation of sale proceeds.
      • 9. Prohibition on acquisition or transfer of immovable property in India by citizens of certain countries.
      • 10. Prohibition on transfer of immovable property in India.
      • 11. Miscallaneous.
      • 12. Saving.
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Appointment of Adjudicating Authority
      • 4. Holding of inquiry
      • 5. Form of appeal
      • 6. Procedure before Special Director (Appeals)
      • 7. Contents of the order in appeal
      • 8. Representation of party
      • 9. Service of notices, requisitions or orders
      • 10. Form of appeal
      • 11. Procedure before Appellate Tribunal
      • 12. Contents of the order in appeal
      • 13. Representation of party
      • 14. Service of notices, requisitions or orders
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Prohibition to borrow or lend in foreign exchange
      • 4. Borrowing and lending in foreign exchange by an authorised dealer
      • 5. Borrowing and lending in foreign exchange by persons other than authorised dealer
      • 6. Other borrowings in foreign exchange under automatic route or with prior approval of the Reserve Bank of India under the approval route or as trade credit
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Prohibition on borrowing and lending in rupees
      • 4. Borrowing in rupees by persons other than companies in India
      • 5. Borrowing in rupees by Indian companies
      • 6. Restriction on use of borrowed funds
      • 7. Loans in rupees to non-residents
      • 8. Providing housing loan in rupees to a non-resident
      • 8-A. Rupee loans to NRI/PIO employees of Indian body corporate
      • 9. Continuance of rupee loan/overdraft to resident who becomes a person resident outside India
      • 10. Continuance of rupee loan in the event of change in the residential status of the lender
      • 11. Overdraft in rupee account maintained with authorised dealer in India by a bank outside India
      • 1. Short Title and Commencement.
      • 2. Definitions.
      • 3. Prohibition to Borrow or Lend.
      • 4. Borrowing from outside India in Foreign Exchange by a Person Resident in India.
      • 5. Lending in Foreign Exchange by a Person Resident in India.
      • 6. Borrowing in Indian Rupees by a Person Resident in India.
      • 7. Lending in Indian Rupees by a Person Resident in India.
      • 7A. Borrowing and lending by persons resident outside India.
      • 8. Continuation of loan in the event of change in the residential status of the lender/borrower.
      • 9. Any borrowing under erstwhile regulations can be continued as permitted up to the due date of repayment.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3.
      • 4. Inbound merger.
      • 5. Outbound merger.
      • 6. Valuation.
      • 7. Miscellaneous.
      • 8. Reporting.
      • 9. Deemed approval.
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Prohibition on drawal of foreign exchange
      • 4. Prior approval of Government of India
      • 5. Prior approval of Reserve Bank
      • 6.
      • 7. Use of International Credit Card while outside India
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Restriction on investment by a person resident outside India.
      • 4. Restriction on receiving investment.
      • 5. Permission for making investment by a person resident outside India.
      • 6. Merger or demerger or amalgamation of Indian companies.
      • 7. Taxes and Remittance of sale proceeds.
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Restrictions on deposits between a person resident in India and a person resident outside India
      • 4. Exemptions
      • 5. Acceptance of deposits by an authorised dealer/authorised bank from persons resident outside India
      • 6. Other deposits made or held by authorised dealer
      • 7. Acceptance of deposits by persons other than authorised dealer/ authorised bank
      • 8. Deposits in certain other cases
      • 9. Acceptance of deposits by authorised dealer with the prior approval of Reserve Bank
      • 10. Nomination
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Restrictions on deposits between a person resident in India and a person resident outside India.
      • 4. Exemptions.
      • 5. Acceptance of deposits by an authorised dealer/authorised bank from persons resident outside India.
      • 6. Acceptance of deposits by persons other than authorised dealer/ authorised bank.
      • 7. Other deposits made or held by authorised dealer.
      • 8. Nomination.
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Delivery of draft, cheque and other instrument for encashment
      • 4. Encashment of draft, cheque or other instrument
      • 5. Opening an account
      • 6. Indemnity
      • 7. Direction for payment of the proceeds
      • 8. Payment of interest on the seized Indian currency
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Prohibition against establishing branch or office in India
      • 4. Prohibition against establishing a branch or office in India by citizens of certain countries
      • 5. Application to Reserve Bank for opening branch or liaison office
      • 6. Activities which may be undertaken by the branch or office in India
      • 7. Remittance of profit or surplus
      • 1. Short title and commencement
      • 2. Definitions.
      • 3. Prohibition against opening a branch office or a liaison office or a project office or any other place of business in India.
      • 4. Approval for opening a branch office or a liaison office or a project office or any other place of business in India.
      • 5. Approval of the Reserve Bank in certain cases for establishment of branch office, liaison office or project office or any other place of business in India.
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Export and import of Indian currency and currency notes
      • 4. Prohibition on export of Indian coins
      • 5. Prohibition on export and import of foreign currency
      • 6. Import of foreign exchange into India
      • 7. Export of foreign exchange and currency notes
      • 8. Export and import of currency to or from Nepal and Bhutan
      • 1. Short title & commencement.
      • 2. Definitions.
      • 3. Export and Import of Indian currency and currency notes.
      • 4. Prohibition on Export of Indian coins.
      • 5. Prohibition on export and import of foreign currency.
      • 6. Import of foreign exchange into India.
      • 7. Export of foreign exchange and currency notes.
      • 8. Export and import of currency to or from Nepal and Bhutan.
      • 9. Reserve Bank's power to permit export or import of currency.
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Declaration as regards export of goods and services
      • 4. Exemptions
      • 5. Indication of importer-exporter code number
      • 6. Authority to whom declaration is to be furnished and the manner of dealing with the declaration
      • 7. Evidence in support of declaration.
      • 8. Manner of payment of export value of goods
      • 9. Period within which export value of goods/software to be realised
      • 10. Export on elongated credit terms
      • 11. Submission of export documents
      • 12. Transfer of documents
      • 13. Payment for the export
      • 14. Certain exports requiring prior approval
      • 15. Delay in receipt of payment
      • 16. Advance payment against exports
      • 17. Issue of directions by Reserve Bank in certain cases
      • 18. Project exports
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Declaration of exports.
      • 4. Exemptions.
      • 5. Indication of importer-exporter code number.
      • 6. Authority to whom declaration is to be furnished and the manner of dealing with the declaration.
      • 7. Evidence in support of declaration.
      • 8. Manner of payment of export value of goods.
      • 9. Period within which export value of goods/software/ services to be realised.
      • 10. Submission of export documents.
      • 11. Transfer of documents.
      • 12. Payment for the Export.
      • 13. Certain Exports requiring prior approval.
      • 14. Delay in Receipt of Payment.
      • 15. Advance payment against exports.
      • 16. Issue of directions by Reserve Bank in certain cases.
      • 17. Project exports.
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Restriction on holding foreign currency account by a person resident in India
      • 4. Opening, holding and maintaining an Exchange Earner's Foreign Currency Account
      • 5. Opening, holding and maintaining a Resident Foreign Currency Account
      • 5-A. Opening, holding and maintaining a Resident Foreign Currency (Domestic) Account
      • 6. Opening, holding and maintaining a Foreign Currency Account in India in certain other cases
      • 6-A. Foreign Currency Account of a Unit in a Special Economic Zone
      • 7. Opening, holding and maintaining a Foreign Currency Account outside India
      • 8. Limit on holding in a Foreign Currency Account
      • 9. Types of accounts
      • 10. Remittances out of the accounts after the account holder's death
      • 11. Responsibility of authorised dealers maintaining foreign currency accounts
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Restriction on holding foreign currency account by a person resident in India.
      • 4. Opening, holding and maintaining Foreign Currency Accounts in India.
      • 5. Opening, holding and maintaining a Foreign Currency Account outside India.
      • 6. Types of accounts.
      • 7. Remittances out of the account after the account holder's death.
      • 8. Responsibility of authorised dealers maintaining foreign currency accounts.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Prohibition.
      • 4. Permission to a person resident in India to enter into a Foreign Exchange Derivative Contract.
      • 5. Permission to a person resident outside India to enter into a Foreign Exchange Derivative Contract.
      • 5A. Permission to a person resident in India to enter into currency futures or currency options
      • 5C. Permission to resident and nonresident entities to undertake hedge transactions with simplified procedures.
      • 6. Commodity hedge.
      • 6A. Freight hedge.
      • 7. Remittance related to a Foreign Exchange Derivative Contract.
      • 8. Remittance related to a Commodity Derivative Contract.
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Prohibition
      • 4. Guarantees which may be given by an authorised dealer
      • 5. Guarantees which may be given by persons other than an authorised dealer
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Permission to take or hold a general insurance policy issued by an insurer outside India
      • 4. Permission to take or hold a life insurance policy issued by an insurer outside India
      • 1. Short Title and Commencement.
      • 2. Definitions.
      • 3. Permission to take or hold a general insurance policy issued by an insurer outside India.
      • 4. Permission to take or hold a life insurance policy issued by an insurer outside India.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3.
      • 4.
      • 5.
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Restrictions on investment in a firm or a proprietary concern in India by a person resident outside India
      • 4. Permission for investment in certain cases
      • 5. Permission to a firm or a proprietary concern to make payment to a non--resident Indian or a person of Indian origin who has made investment
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Prohibition on transfer or issue of security
      • 4. Transfer or issue of security with the permission of Reserve Bank
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Manner of receipt in foreign exchange
      • 4. Payment for export in certain cases
      • 5. Manner of payment in foreign exchange
      • 6. Manner of payment in certain cases
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Prohibition.
      • 4. Permission.
      • 1. Short title & commencement.
      • 2. Definitions.
      • 3. Mode of Payment and Remittance of sale proceeds.
      • 4. Reporting Requirements.
      • 5. Delays in reporting.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 2A. Reserve Bank to administer these rules.
      • 3. Restriction on investment in India by a person resident outside India.
      • 4. Restriction on receiving investment.
      • 5. Permission for making investment by a person resident outside India.
      • 6. Investments by person resident outside India.
      • 7. Acquisition through rights issue or bonus issue.
      • 7A. Acquisition after renunciation of rights.
      • 8. Issue of Employees Stock Options , sweat equity shares and Share Based Employee Benefits to persons resident outside India.
      • 9. Transfer of equity instruments of an Indian company by or to a person resident outside India.
      • 10. Investment by FPI.
      • 11. Transfer of equity instruments of an Indian company by FPI.
      • 12. Investment by NRI or OCI.
      • 13. Transfer of equity instruments by NRI or OCI.
      • 14. Investment in securities by other nonresident investors.
      • 15. Transfer of securities by other nonresident investors.
      • 16. Investment by FVCI.
      • 17. Transfer of equity instruments of an Indian company by or to a FVCI.
      • 18. Issue of Convertible Notes by an Indian startup company.
      • 19. Merger or demerger or amalgamation of Indian companies.
      • 20. Reporting requirements.
      • 21. Pricing guidelines.
      • 22. Taxes and remittances of sale proceeds.
      • 23. Downstream investment.
      • 24. Acquisition and transfer of property in India by a NRI or an OCI.
      • 25. Joint acquisition by the spouse of a NRI or an OCI.
      • 26. Acquisition of immovable property for carrying on a permitted activity.
      • 27. Purchase or sale of immovable property by Foreign Embassies or Diplomats or Consulate Generals.
      • 28. Acquisition by a longterm visa holder.
      • 29. Repatriation of sale proceeds.
      • 30. Prohibition on transfer of immovable property in India.
      • 31. Prohibition on acquisition or transfer of immovable property in India by citizens of certain countries.
      • 32. Miscellaneous.
      • 33. Savings.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Financial commitment by Indian entity by modes other than equity capital.
      • 4. Financial commitment by Indian entity by way of debt.
      • 5. Financial commitment by way of guarantee.
      • 6. Financial commitment by way of pledge or charge.
      • 7. Acquisition or transfer by way of deferred payment.
      • 8. Mode of payment.
      • 9. Obligations of person resident in India.
      • 10. Reporting requirements for Overseas Investment.
      • 11. Delay in reporting.
      • 12. Restriction on further financial commitment or transfer.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Administration of these rules.
      • 4. Nonapplicability of rules and regulations relating thereto in certain cases.
      • 5. Debt instruments and nondebt instruments.
      • 6. Continuity of certain investments.
      • 7. Rights issue and bonus shares.
      • 8. Prohibition on investment outside India.
      • 9. Overseas Investment.
      • 10. No Objection Certificate.
      • 11. Manner of making Overseas Direct Investment by Indian entity.
      • 12. Manner of making Overseas Portfolio Investment by an Indian entity.
      • 13. Manner of making Overseas Investment by resident individual.
      • 14. Overseas Investment by person resident in India other than Indian entity and resident Individual.
      • 15. Overseas Investment in IFSC by person resident in India.
      • 16. Pricing guidelines.
      • 17. Transfer or liquidation.
      • 18. Restructuring.
      • 19. Restrictions and prohibitions.
      • 20. Requirements to be specified by Reserve Bank.
      • 21. Restriction on acquisition or transfer of immovable property outside India.
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Permissible capital account transactions
      • 4. Prohibition
      • 5. Method of payment for investment
      • 6. Declaration to be furnished
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Limits for possession and retention of foreign currency or foreign coins
      • 4. Possession of foreign exchange by a person resident in India but not permanently resident therein
      • 1. Short title & commencement.
      • 2. Definitions.
      • 3. Limits for possession and retention of foreign currency or foreign coins.
      • 4. Possession of foreign exchange by a person resident in India but not permanently resident therein.
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Duty of persons to realise foreign exchange due
      • 4. Manner of repatriation
      • 5. Period for surrender of realised foreign exchange
      • 6. Period for surrender in certain cases
      • 6-A. Period for surrender of received/realised/unspent/unused foreign exchange by resident individuals
      • 7. Exemption
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Duty of persons to realise foreign exchange due.
      • 4. Manner of Repatriation.
      • 5. Period for surrender of realised foreign exchange.
      • 6. Period for surrender in certain cases.
      • 7. Period for surrender of received/ realised/ unspent/ unused foreign exchange by Resident individuals.
      • 8. Exemption.
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3.
      • 4. Regularization of assets held abroad by persons resident in India.
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Prohibition on remittance outside India of assets held in India
      • 4. Permission for remittance of assets in certain cases
      • 5. Permission to an Indian entity to remit funds in certain cases
      • 6. Reserve Bank's prior permission in certain cases
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Prohibition on Remittance outside India of assets held in India.
      • 4. Permission for remittance of assets in certain cases.
      • 5. Permission to an Indian entity to remit funds in certain cases.
      • 6. Permission for remittance of assets on closure or remittance of winding up proceeds of branch office/ liaison office (other than project office).
      • 7. Reserve Bank's prior permission in certain cases.
      • 8. Payment of taxes.
      • 1. Short title and commencement
      • 2. Appointment of Chairperson and Members of Appellant Tribunal on ad hoc basis
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Restriction on issue or transfer of security by a person resident outside India.
      • 4. Restriction on an Indian entity to issue security to a person resident outside India or to record a transfer of security from or to such a person in its books.
      • 5. Permission for purchase of shares by certain persons resident outside India.
      • 6. Acquisition of right shares.
      • 6-A. Acquisition of bonus shares.
      • 6-B. Report to RBI.
      • 7. Issue and acquisition of shares after merger or de-merger or amalgamation of Indian companies.
      • 8. Issue of shares under Employees Stock Options Scheme to persons resident outside India.
      • 9. Transfer of shares and convertible debentures of an Indian company by a person resident outside India.
      • 10. Prior permission of Reserve Bank in certain cases for transfer of security.
      • 11. Remittance of sale proceeds.
      • 1. Short title and commencement
      • 2. Definitions
      • 3. Prohibition on issue or transfer of foreign security
      • 4. Purchase and sale of foreign security by a person resident in India
      • 5. Prohibition on direct investment outside India
      • 6. Permission for direct investment in certain cases
      • 6-A. General permission for investment in agricultural operations overseas directly or through overseas offices
      • 6-B. General permission for investment in equity of a company registered overseas
      • 6-C. Investment by mutual funds
      • 7. Investment by Indian party engaged in financial services sector
      • 8. Omitted.
      • 9. Approval of Reserve Bank in certain cases
      • 9-A. Overseas investments by Registered Trust/Society
      • 10. Unique Identification Number
      • 11. Investment by capitalisation
      • 12. Export of goods towards equity procedure
      • 13. Post investment changes/additional investment in existing JV/WOS
      • 14. Acquisition of a foreign company through bidding or tender procedure
      • 15. Obligations of the Indian party
      • 16. Transfer by way of sale of shares of a JV/WOS outside India
      • 17. Transfer by way of sale of shares involving write-off
      • 18. Pledge of shares of Joint Ventures and Wholly Owned Subsidiaries
      • 19. Prior permission of the Reserve Bank for a proprietary concern in India to accept shares
      • 19-A. Overseas investments—Proprietorship concerns
      • 20. Investment by individuals
      • 21. Prohibition on issue of foreign security by a person resident in India
      • 22. Permission for purchase/acquisition of foreign securities in certain cases
      • 23. Transfer of a foreign security by a person resident in India
      • 24. General permission for acquisition of foreign securities as qualification/rights shares
      • 25. Prior permission from Reserve Bank in certain cases
      • 26. Investment by mutual funds and venture capital funds
      • 27. Opening of demat accounts by clearing corporations of stock exchanges and clearing members
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Restriction on investment by a person resident outside India.
      • 4. Restriction on receiving investment.
      • 5. Permission for making investment by a person resident outside India.
      • 6. Acquisition through a rights issue or a bonus issue.
      • 7. Issue of shares under Employees Stock Options Scheme to persons resident outside India.
      • 8. Issue of Convertible Notes by an Indian startup company.
      • 9. Merger or demerger or amalgamation of Indian companies.
      • 10. Transfer of capital instruments of an Indian company by or to a person resident outside India.
      • 11. Pricing Guidelines.
      • 12. Taxes and Remittance of sale proceeds.
      • 13. Reporting requirements.
      • 14. Downstream Investment.
      • 15. Prohibited activities for investment by a person resident outside India.
      • 16. Permitted sectors, entry routes and sectoral caps for total foreign investment.
      • 1. Short title and commencement
      • 2. Definitions
      • 3.
      • 4.
      • 5.
      • 6.
      • 7.
      • 8.
      • 1. Short title, extent, application and commencement.
      • 2. Definitions.
      • 3. Dealing in foreign exchange, etc.
      • 4. Holding of foreign exchange, etc.
      • 5. Current account transactions.
      • 6. Capital account transactions.
      • 7. Export of goods and services.
      • 8. Realisation and repatriation of foreign exchange.
      • 9. Exemption from realisation and repatriation in certain cases.
      • 10. Authorised person.
      • 11. Reserve Banks powers to issue directions to authorised person.
      • 12. Power of Reserve Bank to inspect authorised person.
      • 13. Penalties.
      • 14. Enforcement of the orders of Adjudicating Authority.
      • 15. Power to compound contravention.
      • 16. Appointment of Adjudicating Authority.
      • 17. Appeal to Special Director (Appeals).
      • 18. Establishment of Appellate Tribunal.
      • 19. Appeal to Appellate Tribunal.
      • 20. Composition of Appellate Tribunal.
      • 21. Qualifications for appointment of Chairperson, Member and Special Director (Appeals).
      • 22. Term of office.
      • 23. Terms and conditions of service.
      • 24. Vacancies.
      • 25. Resignation and removal.
      • 26. Member to act as Chairperson in certain circumstances.
      • 27. Staff of Appellate Tribunal and Special Director (Appeals).
      • 28. Procedure and powers of Appellate Tribunal and Special Director (Appeals).
      • 29. Distribution of business amongst Benches.
      • 30. Power of Chairperson to transfer cases.
      • 31. Decision to be by majority.
      • 32. Right of appellant to take assistance of legal practitioner or chartered accountant and of Government, to appoint presenting officers.
      • 33. Members, etc., to be public servants.
      • 34. Civil Court not to have jurisdiction.
      • 35. Appeal to High Court.
      • 36. Directorate of Enforcement.
      • 37. Power of search, seizure, etc.
      • 38. Empowering other officers.
      • 39. Presumption as to documents in certain cases.
      • 40. Suspension of operation of this Act.
      • 41. Power of Central Government to give directions.
      • 42. Contravention by companies.
      • 43. Death or insolvency in certain cases.
      • 44. Bar of legal proceedings.
      • 44A. Powers of Reserve Bank not to apply to International Financial Services Centre.
      • 45. Removal of difficulties.
      • 46. Power to make rules.
      • 47. Power to make regulations.
      • 48. Rules and regulations to be laid before Parliament.
      • 49. Repeal and saving.
      • 1. Short title and commencement
      • 2.
      • 3. Object and construction of these regulations
      • 4. Overriding effect
      • 5. Withdrawal of general permission and unwinding of investments and transactions
      • 6. Permission to hedge certain transactions
      • 1. Short title and commencement.
      • 2. Definitions.
      • 3. Manner of Receipt in Foreign Exchange.
      • 4. Manner of Receipts in certain cases.
      • 5. Manner of payment in foreign exchange.
      • 6. Manner of Payment in certain cases.

The Foreign Exchange Management (Remittance Of Assets) Regulations, 2000

Published vide G.S.R. 396(E), dated 3.5.2000, published in the Gazette of India, Extraordinary, Part II, Section 3(i), dated 5.5.2000.

11/578

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:--

1. Short title and commencement .-(i) These regulations may be called the Foreign Exchange Management (Remittance of Assets) Regulations, 2000.

(ii) They shall come into force on 1st day of June, 2000.

2. Definitions .-In these regulations, unless the context requires otherwise,--

(i) "Act" means the Foreign Exchange Management Act, 1999 (42 of 1999);

(ii) "authorised dealer" means a person authorised as an authorised dealer under sub-section (1) of section 10 of the Act;

[(iii) "Non-resident Indian (NRI)" means a person resident outside India who is a citizen of India;]

[(iv)] "Person of Indian Origin (PIO)" means a citizen of any country other than Bangladesh or Pakistan, if--

(a) he at any time held Indian passport; or

(b) 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); or

(c) the person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b);

[(v)] "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;

[(vi)] the words and expressions used but not defined in these regulations shall have the same meanings respectively assigned to them in the Act.

3. Prohibition on remittance outside India of assets held in India .-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:

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.

4. Permission for remittance of assets in certain cases .- [(1) A person specified in sub-regulations (2) and (3) may make remittance of assets through an authorised dealer, to the extent specified in those sub-regulations.]

(2) A citizen of foreign state, not being a citizen of Nepal or Bhutan or a Person of Indian Origin (PIO), who--

(i) has retired from an employment in India; or

(ii) has inherited the assets from a person referred to in sub-section (5) of section 6 of the Act; or

(iii) is a widow resident outside India and has inherited assets of her deceased husband who was an Indian citizen resident in India, [may remit an amount, not exceeding US $.1,000,000 (US Dollar one million only) per financial year subject to payment of applicable taxes in India, if any, on production of]--

[(a) documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter; [* * *]]

[* * *]

Provided that for 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:

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;

(iv) 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.

[(3) A Non-resident Indian (NRI)/Person of Indian Origin (PIO), may remit an amount, not exceeding US $ 10,00,000 (US dollar one million only) per [financial][year,][subject to payment of applicable taxed in India, if any, -]

[(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, [* * *]

[* * *]

[(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; [* * *]

[* * *]

[* * *]

[Provided [* * *][that where the remittance under clauses (i) and (ii) is made in more than one instalment, the remittance of all instalments shall be made through the same authorised dealer.]

[(4) An authorised dealer in India may, without approval from Reserve Bank, effect remittance of assets made by a person eligible under sub-regulation (2) or sub-regulation (3) as the case may be and also allow remittance out of the assets of Indian companies under liquidation under the provisions of the Companies Act, 1956 (1 of 1956), subject to the following conditions:-

(i) authorised dealer shall ensure that the remittance is in compliance with the order issued by a Court in India/order issued by the official liquidator or the liquidator in the case of voluntary winding up; and

(ii) no remittance shall be allowed unless the applicant submits:-

[* * *]

(b) Auditor's certificate confirming that all liabilities in India have been either fully paid or adequately provided for.

(c) Auditor's certificate to the effect that the winding up is in accordance with the provisions of the Companies Act, 1956 (1 of 1956).

(d) In case of winding up otherwise than by a Court, an auditor's certificate to the effect that there is no legal proceedings pending in any Court in India against the applicant or the company under liquidation and there is no legal impediment in permitting the remittance.]

[(iii) payment of applicable taxed in India, if any.]

5. Permission to an Indian entity to remit funds in certain cases .-An entry in India may remit the amount being its contribution towards the provident fund/superannuation/pension fund in respect of the expatriate staff in its employment who are resident in India but not permanently resident therein.

Explanation .-For the purpose of this regulation,--

(a) "expatriate staff" means a person whose provident/superannuation/pension fund is maintained outside India by his principal employer outside India;

(b) "not permanently resident" means a person resident in India for employment of a specified duration (irrespective of length thereof) or for a specific job or assignment, the duration of which does not exceed three years.

6. Reserve Bank's prior permission in certain cases .-(1) A person who desires to make a remittance of assets in the following cases, may apply to the Reserve Bank, namely:--

[(i) Remittance exceeding US $ 10,00,000 (US Dollar one million only) per [financial][year-

(a) on account of legacy, bequest or inheritance to a citizen of foreign State, permanently resident outside India; and

(b) by a Non-Resident Indian (NRI)/Person of Indian Origin (PIO), out of the balances held in NRO accounts/sale proceeds of assets/the assets in India acquired by way of inheritance/ legacy;]

(ii) remittance to a person resident outside India on the ground that hardship will be caused to such a person if remittance from India is not made;

[(iii) Authorised Dealer shall act as per regulation (7) as regards closure of Branch/Liaison Officer]

[7. Permission to remit winding up proceeds of branch office (Other than Project Office) -

(1) A branch or office established in India by a person resident outside India may, for making remittance of its winding up proceeds, apply to the Authorised Dealer concerned supported by the following documents, namely:

(A) copy of the Reserve Bank's permission for establishing the branch/office in India;

(B) Auditors certificate :-

(i) indicating the manner in which the remittable amount has been arrived and supported by a statement of assets and liabilities of the applicant, and indicating the manner of disposal of assets;

(ii) confirming that all liabilities in India including arrears of gratuity and other benefits to employees etc. of the branch/office have been either fully met or adequately provided for;

(iii) confirming that no income accruing from sources outside India (including proceeds of exports) has remained unrepatriated to India; and

(iv) confirming that the branch/office has complied with all regulatory requirements stipulated by the Reserve Bank of India from time to time regarding functioning of such offices in India.

[* * *]

(D) confirmation from the applicant that no legal proceedings in any Court in India are pending and there is no legal impediment to the remittance; and

(E) a report from the Registrar of Companies regarding compliance with the provisions of the Companies Act, 1956, in case of winding up of the office in India.

[(2) On consideration of the application made under sub-regulation (1), the authorized dealer concerned may permit the remittance subject to the directions issued by the Reserve Bank in this regard, from time to time and payment of applicable taxes in India, if any.]

Leg

[See regulation 6]

APPLICATION FOR REMITTANCE OF LEGACIES, BEQUESTS OR INHERIT ANCES TO BENEFICIARIES RESIDENT OUTSIDE INDIA

Instructions

1. The application should be completed and submitted through an authorised dealer through whom the remittance is sought to be made to the office of Reserve Bank under whose jurisdiction the applicant resides.

Documentation

2. Certified copy of the probate together with a copy of the Will annexed thereto, or letters of administration or succession certificate, as the case may be, in respect of the Indian assets of the deceased person.

3. Tax Clearance/No Objection Certificate from the Income-Tax authorities to show that no liabilities are outstanding in respect of the estate of the deceased person on account of Income-tax, Wealth-tax, Capital Gains tax, etc.

4. A statement of Indian assets of the deceased person, indicating the form in which they are held. The number and date of Reserve Bank's approval for holding or acquiring shares of Indian companies and immovable property should be indicated, wherever applicable.

5. A certificate from a Chartered Accountant showing how the remittable amount has been arrived at and that all liabilities of the estate in India have been met or adequately provided for.

1. Particulars of the deceased person :

1.
(i) Name

(i)
(ii) Nationality

(ii)
(iii) Country of permanent residence at the time of death

(iii)
(iv) Date and place of demise

(iv)
(v) Whether the deceased was residing in India at any time during his life time; if so, state period

(v)
2. Particulars of the beneficiary/ies :

2.
(i) Name/s

(i)
(ii) Nationality/ies

(ii)
(iii) Country/ies of permanent residence

(iii)
3. Whether the deceased person had made any investments in India, if so, details as under :

3.
(i) Investments made on non-repatriation basis

(i)
(ii) Investments made with repatriation benefits

(ii)
4. Amount of remittance applied for

4.

I/We hereby declare that the particulars given above and the documents submitted herewith are true and correct to the best of my/our knowledge and belief. I/We also declare that I/We have not made any application to any other office of the Reserve Bank of India for the same purpose.

........................................

(Signature/s of Applicant)

Place............................

Date...............................]

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