Andhra Bank
Facebook Twitter Youtube
Skip to navigation | Skip to main content

Toll Free Number : 1800 425 1515

andhra
 
FAQs
 
 andhra NRI » REMITTANCE FACILITIES TO NRI's
andhra

andhra What are the remittance facilities available to NRI/PIOs.
andhra Whether the facility of remittance of sale proceeds of immovable properly is available to all the NRIs.
andhra Whether the facility of remittance of sale proceeds of othe financial assets is available to all the NRIs.
andhra What is the maximum amount that can be repatriated out of the Sale proceeds of immovable property?
andhra Any restriction on the number of properties of which amount can be repatriated
andhra Can NRI/PIO repatriate the amount of sale proceeds of house for which he availed Loan from Financial Institution
andhra Any Lock in period for sale of Immovable property by NRI/PIO?
andhra Whether NRI/PIO can remit money out of balances held in NRO accounts
andhra What are the documents to be submitted to the Authorized Dealer for this purpose?
andhra If flat/plot is not allotted by Builder or if the booking is cancelled by the NRI, whether the amount can be refunded and repatriated?
andhra What are the facilities available to Students?
 
 andhra What are the remittance facilities available to NRI/PIOs.
andhra
  1. Current Income like rent, dividend, pension, interest etc earned in India.
  2. Sale Proceeds of assets including Financial assets held by them in India
 
 andhra Whether the facility of remittance of sale proceeds of immovable properly is available to all the NRIs.
andhra
This facility is not available to citizens of Pakistan Bangladesh, Nepal and Bhutan.
 
 andhra Whether the facility of remittance of sale proceeds of othe financial assets is available to all the NRIs.
andhra
This facility is not available to the citizen of Pakistan, Bangladesh Nepal and Bhutan.
 
 andhra What is the maximum amount that can be repatriated out of the Sale proceeds of immovable property?
andhra
Repatriation of sle proceeds of residential properly purchased by NRI/PIO is permitted to the extent of the amount paid for acquision of immovable property in foreign exchange received through banking channels.
 
 andhra Any restriction on the number of properties of which amount can be repatriated
andhra
Yes, The facility of repatriation of proceeds of immovable property is restricted to two properties.
 
 andhra Can NRI/PIO repatriate the amount of sale proceeds of house for which he availed Loan from Financial Institution
andhra
Yes customer can repatriate the amount to the extent of such loans repaid by them out of foreign inward remittances received through normal banking channel or by debit to their NRI/FCNR(B) accounts.
 
 andhra Any Lock in period for sale of Immovable property by NRI/PIO?
andhra
No . There is no Lock in period to sell the property held or acquired by NRI/PIO
 
 andhra Whether NRI/PIO can remit money out of balances held in NRO accounts
andhra
Yes. NRI/PIO can remit out of the balances held in SB NRO account/sale proceeds of assets (inclusive of assets acquired by way of inheritance or settlement up to the amount to USD 1 Million or equivalent during a Financial Year.
 
 andhra What are the documents to be submitted to the Authorized Dealer for this purpose?
andhra

1. Undertaking letter from the NRI/PIO about the bonafides of the assets and transaction

2. Chartered accountants Certificate in the formats prescribed by the Central Board of Direct Taxes vide their circular no 10/2002 dated October 9,2002.

3. Documentary evidence in case of inheritance or legacy of assets

4.Form A-2 if the amount exceeds USD 25000/-

 
 andhra If flat/plot is not allotted by Builder or if the booking is cancelled by the NRI, whether the amount can be refunded and repatriated?
andhra

Banks may permit repatriation of amounts representing the refund of application/earnest money/purchase consideration made by the housing builing/seller on account of non allotment. Of flat/plot/cancellation of booking/deals for purchase of residential/commercial property together with interest, if any(net of income tax payable thereon) provided such payment/booking is made out of NRE/FCNR(B) funds or through remittance from abroad.

 
 andhra What are the facilities available to Students?
andhra

Students going abroad for studies are treated as NRIs and are eligible for all facilities available to NRIs under FEMA. All the facilities available to NRIs are equally available to the students in addition to the remittances towards education and maintenance up to USD 100000 on self declaration. Additional amount towards education also is allowed if the same is supported by documentary evidence to the satisfaction of Authorized dealer.

.......................................................................................................................................andhra