Sale Proceeds of FDls can be credited to NRE/FCNR (B) Account
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Sale Proceeds of FDls can be credited to NRE/FCNR (B) Account
Sale proceeds of Foreign Direct Investment (FDI) are now permitted to be credited to Non-Resident (External) Rupee (NRE) Account Scheme/Foreign Currency (Non-Resident) Account FCNR (Banks) Scheme (B) accounts. The Nonresident Indians/Persons of Indian Origin should, however, have purchased the consideration out of inward remittance or funds held in their NRE/FCNR (B) accounts. Earlier, the facility was allowed only for investments in India. Further, the facility is available subject to applicable taxes.