Facilities to NRIs/PIOs and Foreign Nationals – Liberalisation - Reporting Requirement

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..... ategory - I) banks is invited to A.P. (DIR Series) Circular No. 12 dated November 16, 2006 in terms of which the lock-in period of 10 years for remittance of sale proceeds of immovable property was dispensed with and AD Category - I banks could allow remittances out of balances in NRO accounts including sale proceeds of immovable property provided the amount does not exceed USD one million per fin .....

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..... ivision (NRFAD), Reserve Bank of India, Central Office, Mumbai-400001 within 7 days of the end of the reporting month. The data may be sent preferably by e-mail as per the proforma. 3. It may be noted that the proforma has been revised to also include "Transfers from NRO to NRE account". 4. AD Category- I banks may bring the contents of the circular to the notice of their constituents concerned. .....

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