Remittance Facilities for Non-Resident Indians/Persons of Indian Origin/Foreign Nationals
This Master Circular outlines the remittance facilities for Non-Resident Indians (NRIs), Persons of Indian Origin (PIO), and Foreign Nationals.
Definitions: NRIs and PIOs are defined, and their remittance facilities are explained.
Remittance of Current Income: NRIs/PIOs can remit their current income earned in India.
Remittance of Assets: Foreign nationals of non-Indian origin can remit assets, while NRIs/PIOs can remit assets acquired out of foreign exchange.
Remittance of Salary: NRIs/PIOs can remit their salary earned in India.
Repatriation of Sale Proceeds: NRIs/PIOs can repatriate sale proceeds of residential property purchased out of foreign exchange.
Facilities for Students: Students can avail of remittance facilities for education-related expenses.
Income-tax Clearance: Income-tax clearance is required for certain remittances.
International Credit Cards: Facilities for international credit cards are outlined.
Reporting Requirements: Annex-1 provides the statement/returns to be submitted to the Reserve Bank, along with the periodicity and relevant instructions.
Appendix: A list of notifications/circulars is provided.
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