Are sale/maturity proceeds of Government Units allowed to be repatriated abroad?
Question: Are sale/maturity proceeds of Government securities/Units/National Savings Certificates allowed to be repatriated abroad?
Raju Kanumuri: If such securities were purchased out of funds remitted from abroad or out of NRE/FCNR accounts, sale/maturity proceeds can be repatriated. Sale/maturity proceeds of securities purchased out of funds in NRO accounts can only be credited to NRO account s and cannot be remitted abroad. Interest earned during the financial year 1994-95 and onwards can, however, be remitted to the extent permitted by Reserve Bank.
Source : Reserve Bank Of India
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A: No, NRIs don't require PIS permission to sell shares which were purchased in the primary markets (IPOs) on a repatriable and non-repatriable basis.
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A: The PIS account cannot be a joint account. As per recent RBI guidelines, NRIs should have a separate bank account exclusively for PIS purposes. Transactions relating to their personal banking as...
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While we are on...
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A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can i repatriate funds in the NRI account?
A: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest...
Q: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.