NRI Loophole Cracked By RBI; Indian Students Abroad Involved In International Fund Transfers

Extremely rich Indian families quickly realized that their children’s NRI status provided a unique opportunity for international fund transfers. ET reported. Under FEMA, an NRI can freely remit all current income from India and transfer capital sums up to USD 1 million per financial year from their Non-Resident Ordinary (NRO) bank account. While a ‘resident’ Indian is restricted to a maximum remit



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