March 29, is the flagship program of Govt. DAY-NRLM is designed to be a highly intensive program and focuses on intensive application of human and material resources in order to mobilize the poor into functionally effective community owned institutions, promote their financial inclusion and strengthen their livelihoods.
Accordingly, remittance of funds from the sale of capital assets in India held by a person, whether resident in or outside India, requires approval of the Reserve Bank except to the extent provided in the Foreign Exchange Management Act, FEMA or Rules or Regulations made there under.
Person of Indian Origin PIO means a citizen of any country other than Bangladesh or Pakistan who had a at any time held Indian passport or b he or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, or c the person is a spouse of an Indian citizen or a person referred to in a or b.
Remittance of current income 3. Authorised Dealer banks may also allow repatriation of current income like rent, dividend, pension, interest, etc. Remittance of assets by a foreign national of non-Indian origin 4.
AD Category-I bank should obtain the full details from the account holder about his legitimate dues expected to be received into his account.
The funds credited to the NRO account should be repatriated abroad immediately, upon subject to the AD Category-I bank satisfying itself regarding the payment of the applicable Income tax and other taxes in India.
The amount repatriated abroad should not exceed USD one million per financial year. AD Category-I bank should put in place proper internal control mechanism to monitor the credits and debits to this account. The account should be closed immediately after all the dues have been received and repatriated as per the declaration made by the account holder mentioned at paragraph a above.
Remittance of Salary 6. The facility is restricted to not more than two such properties. The balance amount can be credited to the NRO account and can be remitted under USD one million facility as mentioned in paragraph 5.
Facilities for students 8. Income-tax clearance The remittances will be allowed to be made by the Authorized Dealer banks on production of an undertaking by the remitter in the formats prescribed by the Central Board of Direct Taxes, Ministry of Finance, Government of India from time to time.
It shall be mandatory on the part of Authorised Dealers to comply with the requirement of tax laws, as applicable.Master circular issued by RBI contains guidelines, regulations and instructions on particular subject (mobile transactions) between July-June.
It is usually issued on July 1, since it is starting of financial year for RBI, and stands to expire automatically on June 30th. RBI//41 Master Circular No. 11/ 16 July 01, To, All Authorised Dealer Category - I banks.
Madam / Sir, Master Circular on Direct Investment by Residents in Joint Venture (JV) /.
Further, Urban Co-operative Banks are advised to adhere to the instructions / directions as prescribed by Internal Debt Management Department of Reserve Bank of India for intra-day short selling of Government Securities from time to time.
Reserve Bank of India (RBI) – Circulars & Master Circulars/Directions (Date-Wise) September 12, Banking & Insurance, Consumer Rights, Headlines-1, Information, RBI Circulars/Master Circulars & Reports. Amendments to Reserve Bank of India (Note Refund) Rules, Sources of Variation in Foreign Exchange Reserves in India during April-June Master Circular – Policy Guidelines on Issuance and Operation of Prepaid Payment - Prospective Prepaid Payment Instrument Issuers to have all the extant instructions on the Transactions by the Reserve Bank of India shall be permitted to launch mobile based pre-.