What are the provisions governing remittance of assets by NRI/PIO?
A Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) may remit an amount up to USD one million, per financial year, out of the balances held in his Non-Resident (Ordinary) Rupee (NRO) account, or out of the sale proceeds of assets (inclusive of assets acquired by way of inheritance or settlement), for all bonafide purposes. The remittance facility in respect of sale proceeds of immovable property is not available to a citizen of Pakistan, Bangladesh, Sri Lanka, China, Afghanistan, Iran, Nepal and Bhutan. Remittance of current income An NRI / PIO can freely remit current income like rent, dividend, pension, interest etc., even if they do not maintain an NRO account. Facilities for students As Non-Residents, they will be eligible to receive remittances from India based on the following conditions: i. Up to USD 100,000 from close relatives in India on self declaration towards maintenance, which could include remittances towards their studies also ii. Up to USD 1 million out of s
Related Questions
- X Remittance of sale proceeds of residential/commercial property received by way of gift by NRI/PIO Q.36 Into which account the sale proceeds of residential/commercial property received by way of gift by NRI/PIO can be credited?
- XI Remittance of sale proceeds of immovable property inherited by a person resident outside India Q.37. Can sale proceeds of any immovable property inherited by NRI/PIO from a person resident in India be remitted abroad?
- What is Indias policy on investment by Non-Resident Indians (NRI) or Person of Indian Origin (PIO)?
