Amid many Indians settling abroad and several surrendering their passports, the central bank is rejecting their requests to move out money from banks and sale of inherited assets like stocks and properties.
Non-resident Indians, persons of Indian origin, and overseas citizens of India can remit up to $1 million a year from assets which they had either acquired during their stay in India as residents or received as part of the family heirloom.
Any remittance request beyond $1 million per financial year needs the approval of the Reserve Bank of India (RBI). The regulations allow the RBI to permit higher remittances if the absence of fund transfer would cause hardship to the person staying overseas, or the need for remittance arose on account of legacy, bequest, or inheritance.
Earlier, the regulator used to give the go-ahead to transfers beyond the permissible remittance limit on grounds mentioned in its responses to FAQs (frequently asked questions) on ‘remittance of assets’. However, this has virtually come to a halt in the last year, senior practitioners told ET.
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