Dated 30th July 2013
Reserve Bank of India vide its Master Circular No. RBI/2013-14/8 dated July 1, 2013 issued to All Authorised Dealer Category – I banks and Authorised banks stated that:
Remittance facilities for Non-Residents /Persons of Indian Origin /Foreign Nationals are being governed by sub-section (1) and (2) of section 6 of the Foreign Exchange Management Act, 1999 read with FEMA Notification No.13/2000-RB and FEMA Notification No. 21/2000-RB dated May 3, 2000, as amended from time to time.
This Master Circular consolidates the existing instructions on the subject of “Remittance facilities for Non-Resident Indians / Persons of Indian Origin / Foreign Nationals” at one place. The list of underlying circulars/ notifications consolidated in this Master Circular is furnished in the Appendix.
This Master Circular is being issued with a sunset clause of one year. This circular will stand withdrawn on July 1, 2014 and be replaced with an updated Master Circular on the subject.
The complete Master Circular in PDF format is available below.
SOURCE: RESERVE BANK OF INDIA
Disclaimer: please refer to official sources before effecting a decision.