Property in India by NRI Question: Can NRI hold and retain property and security acquired when he has resident of India ? As per section 6(5) of FEMA, a person resident outside India may hold, own, transfer or invest in Indian currency, security or any immovable property situated in India if such currency, security or… Read More »
Investment by NRI in partnership in India Question : Whether the NRI Can invest in partnership or proprietorship firm in India ? are there any restrictions ? Investment by NRI/PIO in partnership/proprietary concern NRI/PIO resident outside India can invest by way of capital of a partnership firm or a proprietary concern on non-repatriation basis, provided that the… Read More »
INVESTMENT SCHEMES FOR NRI Special schemes for NRI 1.1 Various schemes are available for NRI investment in India. ‘Non Resident Indian (NRI)’ means a person resident outside India who is a citizen of India or is a person of Indian origin – Para 2.1.27 of Consolidated FDI Policy Circular No. 1 of 2014 dated 17-4-2014… Read More »
Insurance abroad Insurance abroad ‘Insurance’ is defined as a ‘capital account transaction’, as the commitments are for a very long period. The restrictions are contained in Foreign Exchange Management (Insurance) Regulations, 2000. A person resident in India cannot take any general or life insurance policy issued by an insurer outside India without permission of RBI.… Read More »
Foreign Exchange for Study Abroad Study abroad upto estimate from the institution abroad or US $ 1,00,000 whichever is higher, per academic year is permitted. Exchange upto USD 1,00,000 can be released on self-declaration basis, on submission of application in form A2, without any supporting documents. Estimate is required if exchange requirement is higher than… Read More »
Foreign Exchange for immigration and Employment abroad Foreign Exchange for immigration abroad Exchange for immigration upto US $ 1,00,000 or amount prescribed by country of emigration is permitted. Exchange can be released on self-declaration basis on submission of application in form A2, without any supporting documents – – Exchange above this limit will require RBI… Read More »
Foreign exchange for medical treatment Foreign exchange for medical treatment :Authorised dealers may release foreign exchange upto USD 100,000 on basis of self declaration without insisting on any estimate from a hospital doctor. For amount exceeding USD 100,000 estimate from doctor in India or hospital/doctor abroad is required to be submitted to authorised dealer. Person fallen… Read More »
Foreign exchange for Travel 1.1 Foreign travel Provisions for release of foreign exchange for travel are quite liberal but have not been completely removed. Instructions are summarised in RBI Master Circular No. 6/2014-15 dated 1-7-2014 on ‘Miscellaneous Remittances from India – facilities for Residents’ [earlier Master Circular No. 6/2013-14 dated 1-7-2013]. Release of exchange for… Read More »
PROCEDURES FOR REMITTANCE AND RESTRICTIONS 1 General procedure for remittance of foreign exchange Most of the powers in respect of routine matters for remittance of foreign exchange have been delegated by RBI to Authorised Dealers. Thus, if the remittance is as per guidelines/regulations, it is permitted by Authorised Dealer himself. As a general rule, all current… Read More »
Foreign gift received from NRI relative Question: How to prove that genuineness of gifts received from the NRI relalaive ? Documents furnished by the Assessee with Assessing Officer are A copy of foreign bill transaction advice copy of donor’s passport Bank account statement of Donor Gift confirmation in a gift deed giving all the particulars of the… Read More »