The following types of remittance are allowed subject to the conditions as laid down in the Foreign Exchange management Act.
- Remittance of current income
Remittance of current income like rent, dividend, pension, interest etc in India by debit to the NRO account . Persons who do not maintain NRO account in India based on an appropriate certification by Chartered Accountant, certifying that the amount proposed to be remitted is eligible for remittance and that applicable taxes have been paid /provided for.
- Remittance of assets of foreign national of non-Indian origin.
- Foreign national of non Indian origin who has retired from employment in India or has inherited assets in India or who is an widow of an Indian citizen who was resident in India, may remit amount not exceeding USD one million per financial year ( April-March) subject to satisfaction of the Bank(AD).
- These facility is not available to citizen of Nepal & Bhutan.
- Remittance of assets by NRI/PIO
- A Non –Resident Indian or Person of Indian Origin may remit an amount up to USD one million, per financial year , out of balances held in his Non- Resident Ordinary Rupee (NRO) account / sale proceeds of assets ( inclusive assets owned by way of inheritance or settlement) all bona-fide purpose , subject to satisfaction of the Bank and on production of an undertaking by the remitter and certificate by a Chartered Accountant in the format prescribed by the Central Board of Direct Taxes.
- NRI/ PIO may remit sale proceeds of immovable property purchased by him out of rupee funds ( or as a person resident in India) as indicated in paragraph ‘a’ above without lock-in-period. In respect of remittance of sale proceeds of assets acquired by way of inheritance or legacy or settlement of which there is no lock-in- period, NRI / PIO may submit documentary evidence in support of inheritance or legacy of assets, an undertaking by the remitter and certificate by a chartered accountant in the prescribed format.
- Remittance facility in respect of sale proceeds of immovable property is not available to citizens of Pakistan Bangladesh , Sri Lanka, China, Afghanistan, Iran, Nepal and Bhutan.