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.
Definitions: NRIs and PIOs are defined, and their remittance facilities are explained.
Remittance of Current Income: NRIs/PIOs can remit their current income without maintaining an NRO account.
Remittance of Assets: Foreign nationals of non-Indian origin and NRIs/PIOs can remit assets, subject to certain conditions.
Remittance of Salary: Salary remittance is allowed, as per Schedule III (7) of FEM (Current Account Transactions) Rules, 2000.
Repatriation of Sale Proceeds: NRIs/PIOs can repatriate sale proceeds of residential property purchased out of foreign exchange.
Facilities for Students: Special facilities are available for students, including remittance of fees and living expenses.
Income-tax Clearance: Income-tax clearance is required for certain remittances.
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