Foreign exchange and management act- remittances into resident saving bank a/c
My client had gone US and remitted some foreign remittance of 5000 USD in convertible currency in his resident saving bank a/c.in the month of June 2021. But now he has opened NRE a/c in Sept 2021.
Can he now transfer that amount of converted INR from resident saving a/c to his NRE a/c.
He can transfer funds from an NRO account to an NRE account. The Reserve Bank of India allows the transfer of funds up to USD 1 million a year from an NRO to an NRE account.
Pls enlighten on that also
Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.