Section 7(1) in Foreign Exchange Management (Remittance of Assets) Regulations, 2016
(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 USD 1,000,000 (US Dollar One million only) per financial year -(a)on account of legacy, bequest or inheritance to a citizen of foreign state, resident outside India; and(b)by a Non-Resident Indian (NRI) or Person of Indian Origin (PIO), out of the balances held in NRO accounts/ sale proceeds of assets/ the assets 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;
