Remittance facilities for NRIs: banks may permit repatriation and remittance subject to documentation, tax compliance and prescribed limits. The Master Circular consolidates FEMA-based remittance facilities for NRIs, PIOs and foreign nationals, defining eligible persons and prescribing conditions for repatriation and remittance of current income, salaries and sale proceeds of assets. Authorised Dealer banks must satisfy themselves on tax compliance, obtain prescribed documentary evidence and Chartered Accountant certificates, apply specified per financial year limits for remittances, enforce nationality-based restrictions for certain asset repatriations, permit re-designation of resident accounts to NRO on exit subject to controls, and observe reporting and procedural formats prescribed by tax authorities.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Remittance facilities for NRIs: banks may permit repatriation and remittance subject to documentation, tax compliance and prescribed limits.
The Master Circular consolidates FEMA-based remittance facilities for NRIs, PIOs and foreign nationals, defining eligible persons and prescribing conditions for repatriation and remittance of current income, salaries and sale proceeds of assets. Authorised Dealer banks must satisfy themselves on tax compliance, obtain prescribed documentary evidence and Chartered Accountant certificates, apply specified per financial year limits for remittances, enforce nationality-based restrictions for certain asset repatriations, permit re-designation of resident accounts to NRO on exit subject to controls, and observe reporting and procedural formats prescribed by tax authorities.
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