11D.5
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Retirement Facilities
(i) Foreign nationals not permanently resident in India are permitted to transfer, to their own countries, at the time of retirement from India, their current assets such as savings from salary, dividend, interest, commission, Provident Fund balance, sale proceeds of personal effects, etc. in full. In addition, they will also be allowed to repatriate their assets of a capital nature in India such as sale proceeds of their investments in India up to a limit of Rs.10,00,000/- at the time of retirement; any investments in excess of Rs.10,00,000/- will be allowed to be repatriated only in annual instalments not exceeding Rs.5,00,000/- per annum. For purpose of grant of these facilities, the entire family of a person will be considered as a single unit. Applications for transfer of assets on retirement should be made to Reserve Bank in form RFN accompanied by documents specified therein. Such foreign nationals are also entitled to receive current income earned by way of interest/dividend on securities/shares, interest on deposits, pension etc. as indicated in paragraph 10B 6, 10B 7, 11D 11 and 11D 12.
(ii) Authorised dealers may release foreign exchange up to U.S.$ 2000 or its equivalent to retiring foreign nationals pending disposal of their applications for transfer facilities submitted to Reserve Bank. (Exchange sold in the form of foreign currency notes and coins should not however exceed U.S.$ 500 or its equivalent).