Section 4(1) in Foreign Exchange Management (Remittance of Assets) Regulations, 2016
(1)A citizen of foreign state, not being a Person of Indian origin (PIO) or a citizen of Nepal or Bhutan, 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/widower resident outside India and has inherited assets of the deceased spouse who was an Indian citizen resident in India, may remit through an authorised dealer an amount, not exceeding USD 1,000,000 (US Dollar One million only) per financial year on production of documentary evidence in support of acquisition, inheritance or legacy of assets by the remitterProvided that for the purpose of arriving at annual ceiling of remittance, 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, 2016 and Foreign Exchange Management (Transfer or issue of 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.
