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General Permission to NRIs / PIOs

The Reserve Bank has granted general permission to NRIs/PIOs for undertaking direct investment in Indian companies under the automatic route, purchase of shares under Portfolio Investment Schemes, investment in companies and proprietorship/ partnership concerns on non-repatriation basis and for remittances of current income. NRIs/PIOs do not have to seek specific permission for approved activities under these schemes.

The Reserve Bank of India has further simplified financial transactions by NRIs/PIOs by granting general permissions to:

Resident individuals ,partnership/proprietorship concerns to avail the interest of bearing rupee loans from NRIs/PIOs out of funds remitted from abroad or out of funds held in their bank accounts in India, on non-repatriation basis,subject to two conditions; one of them being that the rate of interest on such loans should not exceed Bank Rate plus two percentage points.
NRIs/PIOs to transfer by way of gifts shares help by them in Indian companies and to transfer by way of gift immovable property held by them in India subject to compliance with other applicable rules/regulations including the provisions of Foreign Contributions Act,1976 by the charitable trust/organization concerned.
All domestic public/private sector mutual funds for issue of units to NRIs/PIOs on both repatriation and non repatriation basis.
NRIs/PIOs to place deposits with Indian firms, on non-repatriation basis and with Indian companies on non-repatriation basis out of domestic sources.
NRIs/PIOs for sale of shares acquired under direct investment schemes on stock exchanges in India.
NRIs/PIOs for transfer of shares, by way of sale under private arrangement to another NRI or to a resident.
RBI permission is not required for drawal of foreign exchange for purpose of trade marks or franchise in India.
NRIs/PIOs may remit the sale proceeds of immovable property without the lock in period of 10 years subject to a maximum of 1 million USD per calendar year.

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