Foreign Contribution (Regulation) Act 2010 and Amendment Act 2020 of FCRA
CRA 2010 is an Act to consolidate the law to regulate the acceptance and utilisation of foreign contributions or foreign hospitality by certain individuals or associations or companies and prohibit acceptance and utilisation of foreign contributions or foreign hospitality for any activities determinantal to the national interest and matters connected therewith or incidental thereto. This…
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Repatriation of Investments, income and Sale, Proceeds of Assets by NRI/PIO
Besides investment in Bank deposits, NRIs and PIOs can invest in various financial instruments in India with earnings being repatriable. These investments include stocks through portfolio investment scheme accounts, government securities, public sector undertaking Bonds, the National Pension Systems, or units issued by Infrastructure Debt Funds. Repatriation of all the foreign source investments and accrued…
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Acquisition/Transfer of Immovable Property in India by NRI/PIO
NRIs can purchase immovable property in India, except for agricultural land, plantation property, and farmhouses. They can pay for the property using funds from inward remittances, debiting their NRE, FCNR(B), or NRO accounts, but not with traveler’s checks or foreign currency notes. NRIs can also acquire immovable property through gifts from Indian residents, NRIs, or…
Read article Mode of Acquisition of Immovable Property outside India by a resident of India
In terms of section 6(4) of FEMA, 1999 a person resident in India may hold, own, transfer, or invest in foreign currency, foreign security, or any immovable property situated outside India if such currency, security, or property was acquired, held or owned by such person when he was resident outside India or inherited from a…
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Special Non-Resident Rupee Account: SNRR account in India
Any person resident outside India can open an SNRR account with authorised dealer bank in India having a business interest in India. This account is required to carry out bonafide transactions in rupees which conform with the provisions of the FEMA Act, rules, and regulations made thereunder. However, the Opening of SNRR accounts by Pakistan…
Explained: Indo–Nepal Remittance Scheme (INRF Scheme)
Nepal Remittance Scheme (INRF Scheme) was launched by the Reserve Bank of India (RBI) in May 2008 to provide a safe and cost-efficient avenue for migrant Nepalese workers in India to remit money back to their families in Nepal. In August 2021, the Scheme was improved to boost the trade payments between the two countries,…
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