THE remittances made by Overseas
Indians from the Gulf, as per RBI study, accounted for about 27% of the total
remittance inflows to India during first half of 2009-10.
Remittances by NRIs during the last three years are:
|
Year
|
Private Transfers
(US$ million)
|
|
2009-10
|
53,636
|
|
2010-11
|
55,618
|
|
2011-12
|
66,129
|
The following facilities are also available to returning NRIs/PIOs:
1.
Returning NRIs/PIOs may continue to hold, own, transfer or invest in foreign
currency, foreign security or any immovable property situated outside India, if
such currency, security or property was acquired, held or owned when resident
outside India.
2.
The income and sale proceeds of assets held abroad need not be repatriated.
3.
(a) Returning NRIs /PIOs may open, hold and maintain with an authorised dealer
in India a Resident Foreign Currency (RFC) Account to transfer balances held in
Non-Resident (External) Rupee/Foreign Currency Non-Residential NRE/FCNR(B)
accounts.
3.
(b) Proceeds of assets held outside India at the time of return can be credited
to RFC account.
3.
(c) The funds in RFC accounts are free from all restrictions regarding
utilisation of foreign currency balances including any restriction on investment
in any form outside India.
3.
(d) RFC accounts can be maintained in the form of current or savings or term
deposit accounts, where the account holder is an individual and in the form of
current or term deposits in all other cases.
This
information was given by the Minister of Overseas Indian Affairs, Mr Vayalar
Ravi in a written reply in the Lok Sabha on last Friday.
|
