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NRIs can draw from local account, says RBI

The Reserve Bank of India said on Tuesday it will allow Non-Resident Indians and Persons of Indian Origin holding rupee-denominated accounts with local banks to repatriate funds up to a ceiling for specific purposes.

Up to now, the central bank did not allow any kind of repatriation from these accounts.

In a statement, the Reserve Bank of India said overseas Indians can repatriate up to $30,000 per academic year to meet their children's educational expenses and up to $100,000 to meet medical expenses abroad of the account holder or a family member.

They can repatriate up to $100,000 per year as sale proceeds of immovable property they have held for at least 10 years.

The central bank also increased the amount of foreign exchange that emigrating residents can take with them to $25,000 from $5,000 currently, subject to the ceilings of the country to which they are immigrating.

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