The first task one is entrusted with for this word is to go through the list of definitions that the dictionary provides for it:
1. To transmit (money) in payment.
2. a. To refrain from exacting (a tax or penalty, for example); cancel.
b. To pardon; forgive: remitted their sins.
3. To restore to a former condition or position.
4. The act of remitting, especially the referral of a case to another court.
5. A matter remitted for further consideration.
6. The area of authority or responsibility of an individual or a group
7. Law
a. To refer (a case) to another court for further consideration or action.
b. To refer (a matter) to a committee or authority for decision.
8. To allow to slacken: The storm remitted its fury.
9. To desist from; give up.
10. To put off; postpone.

Remit in Context:
In our given context, the word remit means ‘the area of authority or responsibility of an individual or group’.

To simplify matters from above, remember the following meanings:
1. The first meaning of remit is to transfer money/payment to someone: The college refused to remit my fees.
2. The second meaning of remit in common usage is to forgive or pardon: The priest remitted the sins of the thief.
3.  The third usage we have studied above.

Etymologically, remit means ‘to send back, concede, let go back’, and hence all the meanings revolve around this theme.

PLEASE NOTE:
The following is an extract from The Economic Times used for educational purposes:  ‘Has civil society gone beyond its remit by refusing to back down on the issue of tackling corruption? The answer to that depends on which side of the on-going debate on the Lokpal Bill you are on.’

Read further on:
http://blogs.economictimes.indiatimes.com/myth-n-reality/entry/the-bottom-most-bric

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