What is meaning of "remittance of assets"? Explain the provisions relating to remittance of assets by individuals other than NRIs/PIOs under the Foreign Exchange Management Act, 1999.

'Remittance of assets' means remittance outside India of funds in a deposit with a bank/ firm/ company, provident fund balance or superannuation benefits, amount of claim or maturity proceeds of insurance policy, sale proceeds of shares, securities, immovable property or any other asset held in India in accordance with the provisions of the Foreign Exchange Management Act, 1999 (FEMA) or Rules/ Regulations made there under. Authorised Dealer (AD) may allow remittance of assets by a foreign national where: The person has retired from employment in India; The person has inherited from a person referred to in section 6(5) of the Act; The person is a non-resident widow/widower and has inherited assets from her/his deceased spouse who was an Indian national resident in India; The remittance should not exceed USD one million per financial year. This limit, however, will not cover sale proceeds of assets held on repatriation basis. In case the remittance is made in more than one instalment, the remittance of all instalments should be made through the same AD on submission of documentary evidence; The remittance is in respect of balances held in a bank account by a foreign student who has completed his/her studies, provided such balance represents proceeds of remittances received from abroad through normal banking channels or rupee proceeds of foreign exchange brought by such person and sold to an authorised dealer or out of stipend/ scholarship received from the Government or any organisation in India.