| Date: |
15-07-2002
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| Notification No: |
RBI A P D (Series)Circular No 5/2002
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
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| Subject: |
Credits to Non-Resident External Rupee (NRE) Accounts
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Credits to Non-Resident External Rupee (NRE) Accounts
A.
P. (DIR Series) Circular No. 5 dated 15th July 2002
Attention
of authorised dealers is invited to paragraph No.3 of Schedule 1 to Reserve Bank
Notification No.FEMA.5/2000-RB dated May 3, 2000 regarding permitted credits to
NRE Rupee Accounts and A.P. (DIR Series) Circular No.45 dated May 14, 2002
permitting them to allow repatriation of current income like rent, dividend,
pension, interest, etc. of NRIs who do not maintain an NRO account in India
based on an appropriate certification by a Chartered Accountant, certifying that
the amount proposed to be remitted is eligible for remittance and that
applicable taxes have been paid/provided for.
2.
It is clarified that authorised dealers may credit the current income
like rent, dividend, pension, interest, etc. of NRIs to their Non-Resident
(External) Rupee Accounts provided they are satisfied that the credit represents
current income of the non-resident account holder and income tax thereon has
been deducted/paid/provided for, as the case may be.
3.
Authorised Dealers may bring the contents of this circular to the notice
of their constituents concerned.
4.
The directions contained in this circular have been issued under Section
10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of
1999).
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