Remittance of
Current Income by NRIs
AP (DIR Series) (2001-2002) Circular No. 45, dated 14-5-2002
As
you are aware, authorised dealers can allow remittance of current income in
India by debit to the Non-Resident (Ordinary) Rupee (NRO) accounts of the
account holders vide paragraph 3(B)(ii) of Schedule 3 to
Notification No. FEMA.5/2000-RB, dated May 3, 2000 issued under the Foreign
Exchange Management Act, 1999.
2. Authorised
Dealers may, henceforth, allow repatriation of current income like rent,
dividend, pension, interest, etc. of NRIs who do not maintain an NRO account in
India based on an appropriate certification by a Chartered Accountant,
certifying that the amount proposed to be remitted is eligible for remittance
and that applicable taxes have been paid/provided for.
3. Authorised
Dealers may bring the contents of the circular to the notice of their
constituents concerned.
4. The
directions contained in this circular have been issued under section 10(4) and
section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).