13A.9
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Remittance of Balances
Balances in NRO accounts are not normally eligible for remittance abroad and requests for such remittance should not be acceded to without securing approval of Reserve Bank. Funds derived by remittances from abroad and which cannot be said to have lost their identity as remittable funds will only be considered for remittance abroad. Where an account (current/savings) is opened by a foreign tourist visiting India, with funds remitted from abroad in an approved manner or by sale of foreign exchange brought by him to India, authorised dealers may convert the balance in the account at the time of departure of the tourist from India provided the account has been maintained only for a short period not exceeding six months. Form A2 needs to be completed in such cases.
Note:
See paragraph 10C.24A regarding repatriation of income/interest earned during the financial year 1994-95 and onwards.