NRIs/PIOs can remit $100,000 per year
out of Inherited Assets

With a view to liberalizing the exchange control regulations and providing additional facilities to non resident Indians/persons of Indian origins (NRIs/PIOs), the Reserve Bank of India has decided to allow the facility of remittance out of assets inherited in India by NRIs/PIOs.

Under the liberalised scheme, NRIs/PIOs will be able to remit upto US$100,000 per calendar year out of the assets in India acquired by them by way of inheritance/legacies.

A notification for carrying out suitable amendments in the regulations is being issued and on its publication in the Official Gazette, it would be possible for NRIs/PIOs to effect such remittances without the prior approval of the Reserve Bank.

Until further notice, applications for such remittances may be made to the Regional Offices of the Reserve Bank.