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of <h1>New Master Circular: Guidelines for NRI/PIO Remittances Under FEMA 1999, Including USD 1 Million Limit and Repatriation Rules.</h1> The Master Circular consolidates guidelines on remittance facilities for Non-Resident Indians (NRIs), Persons of Indian Origin (PIO), and foreign nationals under the Foreign Exchange Management Act, 1999. It outlines the procedures for remitting current income, assets, and sale proceeds of property, with specific conditions for different categories of individuals. The circular specifies that remittance of up to USD one million per financial year is allowed for NRIs/PIOs from their Non-Resident (Ordinary) Rupee accounts, subject to certain conditions. It also details repatriation rules for property bought with foreign exchange and offers guidelines for students and international credit card issuance. The circular is set to be updated by July 1, 2008.
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