Here are some notes about the remittance of assets held by NRIs/PIOs in India:
- What is remittance of assets? Remittance of assets is the process of transferring ownership of assets from one country to another. In the context of India, remittance of assets by NRIs/PIOs refers to the process of transferring ownership of assets held in India to a person who is resident outside India.
- Who can remit assets? NRIs/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.
Here are some additional notes:
- The process of remitting assets can take some time.
- There may be some fees associated with remitting assets.
- You should check with the bank in advance to see if there are any specific requirements for remitting assets.