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March 2014

A. P. (DIR Series) Circular No. 106 dated 18th February, 2014

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Facilities to NRIs/PIOs and Foreign Nationals – Liberalisation – Reporting Requirement

Presently, banks are required to report on a quarterly basis to RBI details of remittances (number of applicants and total amount remitted) made by NRI, PIO and Foreign Nationals from their NRO accounts.

This circular has changed the reporting period from quarterly to monthly. As a result banks will have to report to RBI, in the revised format Annexed to the circular, details of remittances out of NRO accounts, including transfers from NRO account to NRE account made by NRI, PIO and Foreign Nationals within 7 days of the end of the reporting month.

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