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 Accordingly, in consultation with the Government of India, the said regulations have been repealed and superseded by the Foreign Exchange Management (Remittance of Assets) Regulations, 2016 (Notification No. FEMA 13(R)/2016-RB dated April 1, 2016, hereinafter referred to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........