|
Facilities to NRIs/ PIOs and Foreign Nationals � Liberalisation
A.P.
(DIR Series) Circular No. 67 dated 13th January 2003
A.
Facilities to NRIs/ PIOs
Attention
of authorised dealers is invited to the following AP (DIR Series) Circulars on
the subject:
(i)
AP (DIR Series) Circular No.1 dated July 2, 2002.
(ii)
AP (DIR Series) Circular No.19 dated September 12, 2002.
2. At present, authorised dealers are
allowed to repatriate funds held by NRIs/ PIOs in their NRO Accounts, for the
following purposes:
(i)
Education upto USD 30,000 per academic year.
(ii)
Medical Expenses upto USD 100,000
(iii)
Sale Proceeds of immovable property, held for a period of 10 years, upto
USD 100,000 per calendar year.
B.
Remittance of proceeds of assets by foreign nationals and assets acquired
by NRIs/ PIOs by way of inheritance/ legacy
3. Authorised dealers are presently
permitted to allow remittance of assets of foreign nationals, including retired
employees/ widows of Indian citizens resident outside India and assets in India
acquired by NRIs/ PIOs by way of inheritance/ legacy upto USD 100,000.
4. It has now been decided to remove the
present dispensation of permitting different amounts for different purposes and
also to enhance the overall limit to USD 1 million per calendar year.
Accordingly, it will be in order for authorised dealers to allow remittance/ s
upto USD 1 million, out of balances held in NRO accounts/ sale proceeds of
assets, on production of an undertaking and certificate by a person making the
remittance, as stipulated in A.P. (DIR Series) Circular No.27 dated September
28, 2002 read with A.P. (DIR Series) Circular No. 56 dated November 26, 2002.
5. The existing prohibition regarding
repatriation of assets to a citizen of Pakistan, Bangladesh, Sri Lanka, China,
Afghanistan, Iran, Nepal and Bhutan shall continue.
6.
The above relaxations, subject to review, shall be effective for a period
upto June 30, 2003.
7. Necessary amendments to the Foreign
Exchange Management Regulations, 2000 are being issued separately.
8.
Authorised dealers may bring the contents of
the circular to the notice of their constituents concerned.
9.
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).
|