Residents can bear Medical Expenses of NRls

Residents will now be allowed to bear the medical expenses of visiting NRls/PIOs close relatives. Earlier, residents were allowed to make payment in rupees towards meeting expenses on account of boarding, lodging and services related to it or travel to and from and within India of a person resident outside India and who is on …

Learn More Loans given to NRI Close Relatives can be repaid

Resident individuals are now granted general permission to repay loans availed of from banks in Rupees in India by their NRI close relatives. Loans would have to be repaid by resident, close relative of the Non-Resident Indian by crediting the borrower’s loan account through the bank account of such relative. Earlier, repayment of loans by …

Learn More Loans to NRI Close Relatives can be given in Rupees

Resident individuals are now permitted to lend to a Non Resident Indian (NRI)/ Person of Indian Origin (PIO) close relative by way of crossed cheque/electronic transfer, subject to the following conditions : The loan should be free of interest and the minimum maturity of the loan should be one year; The loan amount should be …

Learn More Gifts to NRls can be credited to NRO Accounts in Rupees

Resident individuals are now permitted to make a rupee gift to a NRI/PIO who is a close relative by way of crossed cheque/electronic transfer to the Non-Resident (Ordinary) Rupee Account (NRO) of the NRI/PIO. The gift amount would have to be within the overall limit of USD 200,000 per financial year as permitted under the …

Learn More 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 …

Learn More Residents can gift Shares/Debentures up to USD 50,000 Value

A person resident in India can now give to a person resident outside India, by way of gift, any security/shares/ debentures of up to USD 50,000 in value per financial year without approval of the Reserve Bank of India. Earlier, a person resident in India could give to a person resident outside India, by way …

Learn More Residents can be Joint Holders in NRE/FCNR Accounts

Non-Resident Indians(NRls), are now permitted to open Non-Resident (External) Rupee Account Scheme/Foreign Currency (Non-Resident) Account (Banks) Scheme (B) accounts with their resident close relative(s) on ‘former or survivor’ basis. The resident close relative would be eligible to operate the account as Power of Attorney holder in accordance with existing instructions during the life time of …

Learn More NRls can be Joint Holders in Resident’s SB/EEFC/RFC Accounts

Individual residents in India are now permitted to include non-resident close relative(s) as joint holder(s) in their resident bank accounts as also in Exporter Earners’ Foreign Currency (EEFC) and Residents’ Foreign Currency (RFC) accounts on ‘former or survivor’ basis. Non-resident Indian close relative(s), however, would not be eligible to operate the account during the life …

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