MANU/APDR/0029/2016
Ministry : Reserve Bank of India
Department/Board : RBI A.P. DIR (Series)
Circular No. : A. P. (DIR Series) Circular No. 64/2015-16 [(1)/13(R)]
RBI/2015-2016/384
Date : 28.04.2016
Notification/ Circulars Referred : Notification No. FEMA 13(R)/2016-RB dated April 1, 2016 MANU/RFEM/0011/2016
Citing Reference:
Notification No. FEMA 13(R)/2016-RB dated April 1, 2016 MANU/RFEM/0011/2016 Referred
To
All Category - I Authorised Dealer and Authorised Banks
Madam/ Sir
Foreign Exchange Management (Remittance of Assets) Regulations, 2016
Attention of Authorised Dealers (ADs) is invited to (a) A.D. (M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 (hereinafter referred to as the Act) and (b) Para 2.3 and 3.2 of
Master Direction No. 13 on Remittance of Assets. On a review it is felt necessary to revise the regulations issued under the Foreign Exchange Management (Remittance of Assets) Regulations, 2000, as amended from time to time. Accordingly, in consultation with the Government of India, the said regulations have been repealed and superseded by the Foreign Exchange Management (Remittance of Assets) Regulations, 2016 (Notification No. FEMA 13(R)/2016-RB dated April 1, 2016, hereinafter referred to as Remittance of Assets Regulations).
2. Some key definitions in the regulations are:
a) A 'Non-resident Indian (NRI)' is a person resident outside India who is a citizen of India
b) A 'Person of Indian Origin (PIO)' is a person resident outside India who is a citizen of any country other than Bangladesh or Pakistan or such other country as may be........