REMITTANCE FACILITIES FOR NRIs/PIO AND FOREIGN NATIONALS

1. Remittance of assets by a foreign national of non-Indian origin

foreign national of non-Indian origin who has retired from an employment in India or who has inherited assets from a person resident in India or who is a widow of an Indian citizen resident in India may remit an amount not exceeding USD one million, per calendar year, on production of documentary evidence in support of acquisition/inheritance of assets.

2. Remittance of assets by NRI/PIO

An NRI/PIO may remit upto $1,000,000 per year out of the balances in his Non Resident (ordinary) account/sale proceeds of assets (inclusive of inheritance/settlement). NRI/PIO may remit sale proceeds of immovable property sold by him out of rupee funds Regarding remittance of sale proceeds of assets acquired by way of remittance or legacy documentary evidence must be submitted.

3. Remittance of sale proceeds of residential property purchased by NRIs/PIO out of foreign exchange

Remittance of sale proceeds of residential property purchased by NRI/PIO out of foreign exchange is restricted to not more than two such properties.

Remittance representing refund of application/earnest money on account of non allotment is permitted together with interest if the original payment was made out of NRE/FCNR account of the account holder or the remittance was from outside India through normal banking channels.

4. Remittance of current income

Remittance of current income like rent, dividend, pension, interest etc. of NRIs/PIO who do not maintain NRO Account is freely allowed. NRIs/PIO have the option to credit the current income to their Non-Resident (External) Rupee account.

5. Facilities for Students

Students going abroad for studies are treated as Non-Resident Indians (NRIs).

They are eligible to receive remittances from close relatives from India upto $ 100,000 for maintenance and upto $1,000,000 out of sale proceeds of assets/balances in their account maintained with an authorized dealer in India.

6. Income- tax clearance

The remittances will be allowed to be made by the authorized dealers on production of an undertaking by the remitter and a Certificate from a Chartered Accountant.

7. International Credit Cards

Banks may issue international credit cards to NRIs/PIOS without prior approval off the RBI..