Effective 17th July 1992, the Central Government has granted exemption from the surrender requirement to persons who return to India after a continuous stay abroad of one year and above in respect of funds/assets acquired by them abroad otherwise than in contravention of FERA 1973 or out of foreign exchange earned through employment, business or vocation outside India taken up or commenced while they were resident outside India. Persons satisfying the conditions of general exemption 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.

No.

Yes. They would enjoy complete freedom for utilisation of these assets as well as income earned or sale proceeds received subsequently.

Yes. They can repatriate these funds to India and hold them separately with authorised dealers under the Resident Foreign Currency Accounts Scheme (See Part B below).

This is a Scheme approved by Reserve Bank permitting persons of Indian nationality or origin, who have returned to India on or after 18th April 1992 for permanent settlement (Returning Indians), after being resident outside India for a continuous period of not less than one year to open foreign currency accounts with banks in India for holding funds brought by them to India. Persons who have returned to India before 18th April 1992 can also open RFC account if (a) they are holding foreign currency assets abroad with Reserve Bank's permission or (b) are in receipt of pension or other monetary benefits from their erstwhile employers abroad.

No.

RFC accounts can be maintained in any convertible currency.

The entire amount of foreign exchange brought to India at the time of their return to India for permanent settlement as well as the balances standing to the credit of their NRE and FCNR accounts at the time of return can be credited to RFC accounts. However, the foreign exchange brought to India in the form of foreign currency notes/bank notes/travellers cheques should have been declared to Customs at the time of arrival on the Currency Declaration Form (CDF) if it exceeded U.S. $ 10,000 or its equivalent. In the case of foreign currency/bank notes, such a declaration on form CDF is compulsory if the amount exceeds U.S. $ 5,000 or its equivalent.

Yes. The entire income from such assets or sale proceeds of such assets repatriated to India can be credited to RFC accounts.

Yes. The entire amount of pension received from abroad can be credited to his RFC account.

No. RIFEE facility has been replaced by the RFC accounts facility.

Yes. Funds in RFC accounts can be remitted abroad for any bona fide purpose of the account holder or his dependents including exchange required for travel and other personal purposes and investments.

Yes. Funds in RFC accounts can be withdrawn freely for local payments.

Yes.

Their applications 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.

Yes. NRIs can bring into India gold upto 10,000 grams as part of their baggage once in six months provided they have stayed abroad for a continuous period of six months.

The gold may be brought into India in any form, including ornaments (other than ornaments studded with stones and pearls).

Yes. They are required to pay customs duty in any convertible foreign currency at a rate equivalent to Rs.400/- per 10 grams of gold.

A NRI can bring gold into India once in six months.

Yes.

Yes. NRIs can bring to India silver upto 100 kilograms as part of their personal baggage.

The rate of duty on import of silver is Rs. 500 per kilogram which is payable in foreign currency.

Yes.

Yes. Gold/silver so brought by NRIs can be sold to residents against payment in rupees. Reserve Bank has granted general permission to persons resident in India to make payment to NRIs in Indian rupees by means of a crossed cheque in India and that such rupees are credited to Ordinary Non-resident Rupee (NRO) account of the NRI seller.

(Note:-Import of gold and silver into India is regulated under the Export Import Policy of the Government of India in force)