Liberalised remittances facilities to NRIs/PIO and Foreign Nationals

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ralised remittances facilities to NRIs/PIO and Foreign Nationals · Amendments to FEMA Regulations · Clarificatory Guidelines Attention of Authorised Dealers is invited to paragraph 4 of A.P.(DIR Series) Circular No.67 dated January 13, 2003, permitting them to allow remittances upto USD 1 million, per calendar year, out of balances held by NRIs/PIO/Foreign Nationals (including retired emplo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s may bring the contents of this circular to the notice of their constituents concerned. 5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Yours faithfully, Grace KoshieChief General Manager Encl.: As above Annexure [A.P.(DIR Series Circular) No.62 dated January 31, 2004] Facilities for r....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nheritance/legacy (c) a deposit with a bank or a firm or a company, (d) provident fund balance or superannuation benefits, (e) amount of claim or maturity proceeds of insurance policy, (f) sale proceeds of shares, securities, (g) any other asset held in India, in accordance with the provisions of the Act or Rules or Regulations made thereunder (as defined at Regulation 2(v) of Notification No....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eeds have been held by the NRI / PIO for the balance period in NRO Account (Savings/ Term Deposits) or in any other eligible security, provided such investment is traced to the sale proceeds of the immovable property. (ii) There is no lock-in-period in respect of immovable property acquired by way of- (a) Inheritance/legacy. (b) Foreign currency funds (through inward remittance or by debit to ....