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 (PIOs), and Foreign Nationals.
Definition of NRI/PIO: NRIs are Indian citizens who stay abroad for employment, business, or other purposes, while PIOs are individuals who hold an Overseas Citizenship of India (OCI) card or were eligible to become a citizen of India on January 26, 1950.
Remittance of Current Income: NRIs/PIOs can remit their current income earned in India without any restrictions.
Remittance of Assets: Foreign nationals of non-Indian origin can remit assets acquired out of funds brought-in from outside India. NRIs/PIOs can remit assets acquired out of funds brought-in from outside India or from their NRO accounts.
Remittance of Salary: NRIs/PIOs can remit their salary earned in India, subject to certain conditions.
Repatriation of Sale Proceeds: NRIs/PIOs can repatriate the sale proceeds of residential property purchased out of foreign exchange.
Facilities for Students: Students pursuing education abroad can avail of remittance facilities for their education expenses.
Income-tax Clearance: NRIs/PIOs are required to obtain income-tax clearance before remitting funds outside India.
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