Section 3 in Foreign Exchange Management (Remittance of Assets) Regulations, 2016
3. Prohibition on Remittance outside India of assets held in India.
- Save as otherwise provided in the Act or rules or regulations made or issued thereunder, no person, whether resident in India or not, shall make remittance of any asset held in India by him or by any other person:Provided that the Reserve Bank may, for sufficient reasons, permit any person to make remittance of any asset held in India by him or by any other person.
