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of <h1>RBI Allows NRIs and PIOs to Transfer Up to $1 Million Annually from NRO to NRE Accounts.</h1> The circular issued by the Reserve Bank of India permits Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) to transfer repatriable funds from their Non-Resident Ordinary (NRO) accounts to Non-Resident External (NRE) accounts, subject to applicable taxes. This transfer is allowed up to a ceiling of USD 1 million per financial year. Previously, such transfers were not permissible. Authorized banks are instructed to inform their clients of this change. The directive aligns with the Foreign Exchange Management Act, 1999, and does not override any other legal permissions or approvals required.
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