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TMI BlogLiberalised remittances facilities to NRIs/PIO and Foreign NationalsX X X X Extracts X X X X X X X X Extracts X X X X ..... ange Madam / Sirs, Liberalised remittances facilities to NRIs/PIO and Foreign Nationals · Amendments to FEMA Regulations · Clarificatory Guidelines Attention of Authorised Dealers is invited to paragraph 4 of A.P.(DIR Series) Circular No.67 dated January 13, 2003, permitting them to allow remittances upto USD 1 million, per calendar year, out of balances held by NRIs/PIO/Foreig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the Annexure. 4. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned. 5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Yours faithfully, Grace KoshieChief General Manager Encl.: As above Annexure [A.P.(DIR Series Ci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (a) sale proceeds of immovable property, (b) assets acquired by way of Inheritance/legacy (c) a deposit with a bank or a firm or a company, (d) provident fund balance or superannuation benefits, (e) amount of claim or maturity proceeds of insurance policy, (f) sale proceeds of shares, securities, (g) any other asset held in India, in accordance with the provisions of the Act or Rules ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s sold after being held for less than 10 years, remittance can be made, if the sale proceeds have been held by the NRI / PIO for the balance period in NRO Account (Savings/ Term Deposits) or in any other eligible security, provided such investment is traced to the sale proceeds of the immovable property. (ii) There is no lock-in-period in respect of immovable property acquired by way of- (a) I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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