The Reserve Bank of India vide its Notification No RBI/2011-12/536 A. P. (DIR Series) Circular No.117 dtd 07 05 2012 has notified certain changes in the regulations with regard to transfer of funds from Non-Resident Ordinary (NRO) Account to Non Resident External (NRE) Account. As per this notification, henceforth , NRIs shall be eligible to transfer funds from NRO account to NRE account within the overall ceiling of USD one million per financial year subject to payment of tax, as applicable.
The relevant Notification is reproduced below :
[gview file=”http://rbidocs.rbi.org.in/rdocs/notification/PDFs/APTFNRN070512.pdf”]
Source :- www.rbi.gov.in
