Investment & Other Facilities for Non-Resident Indians
| Facilities to Returning Indians
|
Overseas Assets
Resident Foreign Currency Accounts Scheme
Import of Gold by NRIs
Import of Silver by NRIs
Question-109: Are Returning Indians permitted to retain their assets abroad even
after return to India ?
- Answer:
- Yes. Persons returning to India after a continuous stay abroad of one
year and above are not required to declare or surrender their foreign
currency assets abroad. They can retain their foreign currency accounts
with banks abroad and/or hold, transfer or dispose of their other
foreign currency assets such as shares, securities or investments in
business, etc. and immovable properties provided these funds/assets
were acquired by them otherwise than in contravention of FERA 1973
or out of foreign exchnge earned through employment, business or
vocation outside India taken up or commenced while they were resident
outside India.
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Question-110: Are they required to obtain any permission from Reserve Bank for
holding these assets ?
- Answer:
- No.
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Question-111: Do they enjoy any freedom in regard to utilisation of these overseas
assets ?
- Answer:
- Yes. They would enjoy complete freedom for utilisation of these assets
as well as income earned or sale proceeds received subsequently.
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Question-112: Can they bring back the overseas assets to India and hold them with
separate identity ?
- Answer:
- Yes. They can repatriate these assets to India and hold them separately
in India with authorised dealers under the Resident Foreign Currency
Accounts Scheme (See question below).
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Question-113: What is Resident Foreign Currency Account Scheme ?
- Answer:
- This is a Scheme approved by Reserve Bank permitting NRIs, who have
returned to India for permanent settlement (Returning Indians), to open
foreign currency accounts with banks in India for holding funds brought
by them to India. To be eligible for the facility, the person should
have been resident outside India for a continuous period of not less
than one year.
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Question-114: Is any permission from Reserve Bank required for opening such accounts
with authorised dealers ?
- Answer:
- No.
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Question-115: In which currencies can RFC accounts be maintained ?
- Answer:
- RFC accounts can be maintained in any covertible currency.
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Question-116: What funds can be credited to RFC accounts of Returning Indians ?
- Answer:
- The entire amount of foreign exchange brought to India at the time of
their return to India for permanent settlement as well as balances
standing to the credit of their NRE and FCNR accounts at the time of
return can be credited to RFC accounts.
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Question-117: Can income received from their overseas assets in the form of dividends
etc. or sale proceeds of such assets be credited to RFC accounts ?
- Answer:
- Yes. The entire income from such assets or sale proceeds of such assets
repatriated to India can be credited to RFC accounts.
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Question-118: Can pension received by the accountholder from abroad be credited to
his RFC account ?
- Answer:
- Yes. The entire amount of pension received from abroad can be credited
to his RFC account.
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Question-119: NRIs returning to India for permanent settlement were granted RIFEE
facility. Is this facility still available ?
- Answer:
- No. RIFEE facility has ben replaced by the RFC accounts facility.
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Question-120: Can funds in RFC accounts be remitted abroad ?
- Answer:
- Yes. Funds in RFC accounts can be remitted abroad for any bona fide
purpose of the accountholder or his dependents.
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Question-121: Can funds in RFC accounts be utilised for local payments ?
- Answer:
- Yes. Funds in RFC accounts can be withdrawn freely for local payments
in rupees.
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Question-122: Can a Returning Indian desiring to go abroad agaian for employment,
business or vocation, transfer his funds from RFC account to NRE/FCNR
account ?
- Answer:
- Yes.
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Question-123: Can persons who have returned to India after a short assignment of less
than one year open RFC accounts ?
- Answer:
- Their application for opening such accounts would be considered by
Reserve Bank. Persons who have gone abroad for studies, training, etc.
are, however, not eligible for this facility after their return to
India.
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Question-124: Can NRIs bring gold into India ?
- Answer:
- Yes. NRIs can bring into India gold upto 5000 grams as part of their
baggage once in six months provided they have stayed abroad for a
continuous period of six months.
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Question-125: In what form can the gold be brought into India ?
- Answer:
- The gold may be brought into India in any form, including ornaments
(other than ornaments studded with stones and pearls).
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Question-126: Are NRIs required to pay customs duty on the gold brought by them into
India ?
- Answer:
- Yes. They are required to pay customs duty in any convertible foreign
currency at a rate equivalent to Rs. 220/- per 10 grams of gold.
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Question-127: How often can a NRI bring gold into India ?
- Answer:
- A NRI can bring gold into India once in six months.
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Question-128: Is it necessary that the NRI should have stayed abroad at least for a
minimum period of six months prior to his return to India for being
eligible to bring gold ?
- Answer:
- Yes.
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Question-129: Can NRIs bring silver into India ?
- Answer:
- Yes. NRIs can bring to India silver upto 100 Kilograms as part of their
personal baggage.
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Question-130: What is the rate of duty payable on such import ?
- Answer:
- The rate of duty on import of silver is Rs. 500/- per kilogram which
is payable in foreign currency.
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Question-131: Can they bring both gold and silver ?
- Answer:
- Yes.
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