Facilities to NRIs/PIO and Foreign Nationals - Liberalisation

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....ry - I (AD Category - I) banks is invited to Regulation 4 of Foreign Exchange Management (Remittance of Assets) Regulations, 2000 notified vide Notification No. FEMA.13/2000-RB dated 3rd May 2000 and as amended from time to time, and A. P. (DIR Series) Circular No. 67 dated January 13, 2003. 2. The existing regulations permit Non-Resident Indians (NRIs) and Persons of Indian Origin (PIO) to remit....

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....perty provided the amount does not exceed USD one million per financial year (April-March). Other terms and conditions will remain unchanged. 4. AD - Category I banks may furnish, on a quarterly basis, a statement on the number of applicants and total amount remitted, as per proforma annexed, to the Chief General Manager-in-Charge, Foreign Exchange Department, Foreign Investments Division (NRFAD....