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of <h1>RBI Circular: NRIs, PIOs, and Foreign Nationals Can Remit Up to $1 Million Annually from NRO Accounts with Conditions.</h1> The circular issued by the Reserve Bank of India (RBI) details liberalized remittance facilities for Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and foreign nationals. It allows remittances up to USD 1 million per year from NRO accounts or sale proceeds of assets, subject to specific documentation and tax compliance. Eligible individuals include foreign nationals retiring from employment in India, inheritors of assets from Indian residents, and widows of Indian citizens. Repatriation covers various assets, including property and securities, with conditions such as a 10-year holding period for property acquired with rupee funds. Remittances must be processed through authorized dealers.
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