Good news for nri’s

CA. Anuj Gupta (Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)   (7014 Points)

15 September 2011  

  1. From now on NRI’s shall be permitted to open NRE/FCNR(B) account JOINTLY with their CLOSE RELATIVES.
  2. Also NRI’s can be joint holder in resident bank accounts of persons living in India.
  3. Sale proceeds of Investments (FDI) by NRI’s can now be directly credited to NRE/FCNR(B) Account.
  4. Limit for transfer without RBI approval, of any security including shares/convertible debentures by way of gift by Indian resident to NRI has been increased to 50,000USD.