RBI/2013-14/496
A.P (DIR Series) Circular No. 106
February 18, 2014
To,
All Category- I Authorised Dealer Banks
Madam / Sir,
Facilities to NRIs/PIOs and Foreign Nationals – Liberalisation -
Reporting Requirement
Attention of Authorised Dealer Category - I (AD Category - I) banks is
invited to
A.P. (DIR Series) Circular No. 12 dated November 16, 2006 in terms of
which the lock-in period of 10 years for remittance of sale proceeds of
immovable property was dispensed with and AD Category - I banks could allow
remittances out of balances in NRO accounts including sale proceeds of immovable
property provided the amount does not exceed USD one million per financial year
(April-March). In terms of the circular ibid, AD - Category I banks were
required to furnish on a quarterly basis, to the Chief General
Manager-in-Charge, Foreign Exchange Department, Foreign Investments Division
(NRFAD), Reserve Bank of India, Central Office, Mumbai-400001 within 10 days of
the reporting quarter, a statement on the number of applicants and total amount
remitted, as per proforma annexed to it.
- With a view to having access to more real time data, it has been decided to
collect this information on a monthly basis. Accordingly, AD - Category I banks
may furnish on a monthly 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), Reserve Bank of India, Central Office, Mumbai-400001 within 7 days of
the end of the reporting month. The data may be sent preferably by e-mail as per
the proforma.
- It may be noted that the proforma has been revised to also include “Transfers
from NRO to NRE account”.
- AD Category- I banks may bring the contents of the circular to the notice of
their constituents concerned.
- 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) and is
without prejudice to permissions / approvals, if any, required under any other
law.
Yours faithfully,
(C D Srinivasan)
Chief General Manager
Annexure
Statements indicating the details of remittances made by NRIs/PIOs Foreign
nationals out of the NRO accounts for the month ended
Name of the bank:
| No. of remittance on account of |
Amount in USD |
| Sale proceeds of immovable property |
Other assets |
Transfers from NRO to NRE account |
Total |
Sale proceeds of immovable property |
Other assets |
Transfers from NRO to NRE account |
Total |
| |
|
|
|
|
|
|
|
Signature of the authorised official:
Name and Designation:
Date: