TMI BlogMaster Circular on Remittance Facilities for Non-Resident Indians / Persons of Indian Origin / Foreign NationalsX X X X Extracts X X X X X X X X Extracts X X X X ..... up to which the Master Circular has been updated is suitably indicated. 4. This Master Circular may be referred to for general guidance. The Authorised Dealer Category I banks and Authorized banks may refer to respective circulars / notifications for detailed information, if so needed. Yours faithfully, (A K Pandey) Chief General Manager INDEX 1. Remittance facilities for Non Resident Indians (NRIs) / Persons of Indian Origin (PIO) and Foreign Nationals 2. Definition of NRI/PIO 3. Remittance of current income 4. Remittance of assets by a foreign national of non-Indian origin 5. Remittance of assets by NRI/PIO 6. Remittance of Salary 7. Repatriation of sale proceeds of residential property purchased by NRIs / PIO out of foreign exchange 8. Facilities for students 9. Income-tax clearance 10. International Credit Cards Annex-1 Statement / returns to be submitted to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ving the country after their employment to enable them to receive their legitimate dues subject to certain conditions. 4. Remittance of assets by a foreign national of non-Indian origin 4.1 A foreign national of non-Indian origin who has retired from an employment in India or who has inherited assets from a person referred to in section 6(5) of the Act or who is a widow of an Indian citizen who was resident in India, may remit an amount not exceeding USD one million, per financial year (April-March), subject to the satisfaction of the Authorised Dealer bank, on production of documentary evidence in support of acquisition/ inheritance of assets and payment of applicable taxes in India, if any. 4.2 These remittance facilities are not available to citizens of Nepal and Bhutan. 4.3 When a person resident in India leaves India for a country (other than Nepal or Bhutan) for employment/business/vocation outside India or with an intention to stay outside India, AD Category-I banks may permit such foreign nationals to re-designate their resident account maintained in India as NRO account on leaving the country after their employment to enable them to receive their pending bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... avoiding delay and inconvenience in applying for probate, etc. If the property is received by NRI/PIO by way of settlement without the settler retaining life interest, it may be reckoned as transfer by way of gift and the remittance of sale proceeds of such property would be guided by the extant instructions on remittance of balance in the NRO account. 5.4 (a) A person or his successor who has acquired immovable property in accordance with Section 6(5) of FEMA, 1999 cannot repatriate sale proceeds of such property outside India except with prior permission of the Reserve Bank. (b) The facility of remittance of sale proceeds of other financial assets is not available to citizens of Pakistan, Bangladesh, Nepal and Bhutan. 6. Remittance of Salary 6.1 A citizen of a foreign State, resident in India, being an employee of a foreign company or a citizen of India, employed by a foreign company outside India and in either case on deputation to the office/ branch/ subsidiary/ joint venture/ group company in India of such foreign company may open, hold and maintain a foreign currency account with a bank outside India and receive the whole salary payable to him for the services ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g channel or by debit to their NRE / FCNR(B) accounts. *Definition of PIO for this purpose will be as stated in Notification No. FEMA 21/2000-RB dated 03.05.2000 . 8. Facilities for students 8.1 Students going abroad for studies are treated as Non- Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA. 8.2 As non-residents, they will be eligible to receive remittances from India up to (i) limits prescribed under the Liberalized Remittance Scheme which would include remittances from close relatives in India towards maintenance and remittances towards their studies. However, for the purpose of studies, the limits would be as demanded by the university abroad; and (ii) USD 1 million per financial year, out of sale proceeds of assets / balances in their NRO account maintained with an Authorised Dealer bank in India. 8.3 All other facilities available to NRIs under FEMA are equally applicable to the students. 8.4 Educational and other loans availed of by them as residents in India will continue to be available as per FEMA regulations. 9. Income-tax clearance The remittances will be allowed to be made by the Authorized Deale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A.P. (DIR Series) Circular No.19 September 12, 2002 5. A.P. (DIR Series) Circular No.26 September 28, 2002 6. A.P. (DIR Series) Circular No.27 September 28, 2002 7. A.P. (DIR Series) Circular No.35 November 01, 2002 8. A.P.(DIR Series) Circular No.40 November 5, 2002 9. A.P. (DIR Series) Circular No.46 November 12, 2002 10. A.P. (DIR Series) Circular No.56 November 26, 2002 11. A.P. (DIR Series) Circular No.59 December 9, 2002 12. A.P. (DIR Series) Circular No.67 January 13, 2003 13. A.P. (DIR Series) Circular No.101 May 5, 2003 14. A.P. (DIR Series) Circular No.104 May 31, 2003 15. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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