| Date: |
14-05-2002
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| Notification No: |
RBI A P D (Series)Circular No 45/2002
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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: |
Remittance of Current Income by NRIs
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Remittance of Current Income by NRIs
A.P.
(DIR Series) Circular No. 45 dated 14th May 2002
As
you are aware, authorised dealers can allow remittance of current income in
India by debit to the Non-Resident (Ordinary) Rupee (NRO) accounts of the
account holders vide paragraph 3(B)(ii) of Schedule 3 to Notification No.
FEMA.5/ 2000-RB dated May 3, 2000 issued under the Foreign Exchange Management
Act, 1999.
2.
Authorised Dealers may, henceforth, 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.
3.
Authorised Dealers may bring the contents of the 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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