10A.7
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
General rule for Remittance of Dividend/Interest/ Sale proceeds of Securities
As a general rule, the dividend, interest and other income on shares/securities and sale proceeds of shares and securities originally purchased out of funds held in the investors Ordinary Non-resident Rupee(NRO) accounts as also those acquired subject to the condition that they will not carry the right of repatriation are required to be credited to the investors NRO account. In other cases, authorised dealers may remit the net amount of dividend, interest, sale proceeds etc. after deducting Indian taxes at applicable rates or credit them to the investors NRE/FCNR accounts to the extent permitted by Reserve Bank [see paragraphs 10B 6, 10B 7 and 10C 24].