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REMITTANCE FACILITIES FOR NON RESIDENT INDIANS/ PERSONS OF INDIAN ORIGIN/ FOREIGN NATIONALS Remittance of assets by foreign national on non Indian origin A foreign national of non Indian origin who has retired from an employment in India or who has inherited assets from a person resident in India or who is a widow of an Indian citizen in India may remit an amount not exceeding $ 1,000,000 per calendar year on production of documentary evidence supporting acquisition/ inheritance of assets. Remittance of assets by NRI/ PIO An NRI may remit upto $1,000,000 per year out of the balances in his Non Resident (ordinary) account/ sale proceeds of assets (inclusive of inheritance). NRI/ PIO may remit sale proceeds of immovable property sold by him out of rupee funds provided the property was held by him for a period not less than ten years. If the property is sold after being held for less than ten years, remittance can be made if the sale proceeds for the balance period were held in NRO account (Savings/ Term Deposit) or in any other eligible investment. Regarding remittance of sale proceeds of assets acquired by way of remittance or legacy for which there is no lock-in period, documentary evidence must be submitted. Remittance of sale proceeds of residential property purchased by NRIs/ PIO out of foreign exchange. There is no lock-in period for remittance of sale proceeds of residential property purchased by NRIs/ PIO out of foreign exchange. Remittance of sale proceeds is restricted to not more than two such properties. Remittance representing refund of application/ earnest money on account of non allotment is permitted together with interest if the original payment was made out of NRE/FCNR account of the account holder or the remittance was from outside India through normal banking channels. Remittance of current income Remittance of current income like rent, dividend, interest of NRIs/ PIOs who do not maintain an NRI(O) account isfreely allowed. They may also credit this to an Non Resident External Account.

Facilities for Students Students going abroad for studies are treated as NRIs. They are eligible to receive remittances from close relatives from India upto $ 100,000 for maintenance and upto $1,000,000 out of sale proceeds of assets/ balances in their account maintained with an authorized dealer in India. Income tax clearance Remitters will be permitted to make remittances on the production of an undertaking and a certificate from a Chartered Accountant. International Credit Cards Banks may issue international credit cards to NRIs/ PIOs without prior approval of the RBI.