Here are some notes about the remittance of assets by foreign nationals not being PIOs in India:
- What is the remittance of assets?
Remittance of assets refers to the process of transferring ownership of assets from one country to another. In the context of India, remittance of assets by foreign nationals not being PIOs refers to the process of transferring ownership of assets held in India to a person who is not a PIO. - Who can remit assets?
Foreign nationals not being PIOs who are resident outside India can remit assets held in India. - What assets can be remitted?
Any asset that is held in India can be remitted, including:- Immovable property
- Shares
- Bank deposits
- Insurance policies
- Gold
- How much can be remitted?
The amount of assets that can be remitted is subject to a limit. The current limit is USD 1 million per financial year. - What are the documents required?
To remit assets, you will need to provide the following documents:- Proof of identity
- Proof of residence
- Proof of ownership of the assets
- An undertaking that the assets will be used for bona fide purposes
- What are the procedures?
The procedures for remitting assets vary depending on the type of asset. However, in general, you will need to contact an authorized dealer bank in India to initiate the process. - What are the restrictions?
There are some restrictions on the remittance of assets by foreign nationals not being PIOs, such as:- Assets cannot be remitted to countries that are under sanctions by India.
- Assets cannot be remitted to countries that are considered to be terrorist-prone.
- What are the penalties for violating the regulations?
Penalties for violating the regulations on remittance of assets by foreign nationals not being PIOs can include:- Imprisonment for up to 3 years.
- Fine of up to INR 500,000.