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of <h1>New Guidelines for NRIs, PIOs on Remittances Under FEMA 1999: Income, Assets, and Property Sale Proceeds Outlined.</h1> The Master Circular consolidates guidelines on remittance facilities for Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and foreign nationals under the Foreign Exchange Management Act (FEMA), 1999. It outlines procedures for remitting current income, assets, and salaries, and provides specific provisions for students and repatriation of property sale proceeds. The circular specifies that remittance of sale proceeds of immovable property is restricted for citizens of certain countries. It also includes operational instructions for authorized dealer banks and emphasizes compliance with tax regulations. The circular is valid for one year and will be updated thereafter.
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