Remittance facilities for NRIs/PIO/foreign nationals set USD 1 million repatriation cap and specific documentation and bank compliance rules. The Circular consolidates FEMA rules on remittance facilities for NRIs/PIO and foreign nationals: defines NRI/PIO; allows repatriation of current income via NRO/NRE/FCNR(B) accounts; permits repatriation or remittance up to USD one million per financial year from NRO balances or sale proceeds subject to an undertaking and Chartered Accountant's certificate; allows repatriation of foreign-exchange-funded residential property proceeds (limited to two properties); prescribes nationality-based exclusions; treats students as NRIs for facilities; and requires Authorised Dealer banks to perform due diligence and retain documentation.
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/PIO/foreign nationals set USD 1 million repatriation cap and specific documentation and bank compliance rules.
The Circular consolidates FEMA rules on remittance facilities for NRIs/PIO and foreign nationals: defines NRI/PIO; allows repatriation of current income via NRO/NRE/FCNR(B) accounts; permits repatriation or remittance up to USD one million per financial year from NRO balances or sale proceeds subject to an undertaking and Chartered Accountant's certificate; allows repatriation of foreign-exchange-funded residential property proceeds (limited to two properties); prescribes nationality-based exclusions; treats students as NRIs for facilities; and requires Authorised Dealer banks to perform due diligence and retain documentation.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
