MANU/RFEM/0011/2016

Ministry : Reserve Bank of India

Department/Board : Foreign Exchange Department

Notification No. : FEMA-13(R)/2016-RB

Notification No. : GSR388(E)

Date of Notification : 01.04.2016

Date of Publication : 01.04.2016

Notification/ Circulars Referred : Notification No. FEMA 13/2000-RB dated May 3, 2000 MANU/RFEM/0005/2000

Subject: Banking

Citing Reference:
Notification No. FEMA 13/2000-RB dated May 3, 2000 MANU/RFEM/0005/2000  Referred

Foreign Exchange Management (Remittance of Assets) Regulations, 2016

In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in supersession of Notification No. FEMA 13/2000-RB dated May 3, 2000, as amended from time to time, 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, 2016.

ii. They shall come into force from the date of their publication in the official Gazette.

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 subsection (1) of section 10 of the Act;