{"id":1918,"date":"2019-09-23T15:47:03","date_gmt":"2019-09-23T10:17:03","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=1918"},"modified":"2020-01-09T16:35:48","modified_gmt":"2020-01-09T11:05:48","slug":"fema-and-fera-rules-for-nri","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/fema-and-fera-rules-for-nri\/","title":{"rendered":"FEMA and FERA Rules for NRI"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">When a Non-resident individual (NRI) has made any transaction in India, then they have to oblige with the certain rules as specified in FEMA (Foreign Exchange Management Act) or <\/span><span style=\"font-weight: 400;\">FERA (Foreign Exchange Regulation Act).\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1919 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Fema-And-fera-Rule.png\" alt=\"Fema And fera Rule for nri\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Fema-And-fera-Rule.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Fema-And-fera-Rule-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Fema-And-fera-Rule-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/fema-and-fera-rules-for-nri\/#History_of_FEMA\" title=\"History of FEMA\">History of FEMA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/fema-and-fera-rules-for-nri\/#The_objective_of_FEMA\" title=\"The objective of FEMA.\">The objective of FEMA.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/fema-and-fera-rules-for-nri\/#Lets_first_understand_the_meaning_of_NRI\" title=\"Let\u2019s first understand the meaning of NRI\">Let\u2019s first understand the meaning of NRI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/fema-and-fera-rules-for-nri\/#1_Maintenance_of_bank_account\" title=\"1. Maintenance of bank account\">1. Maintenance of bank account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/fema-and-fera-rules-for-nri\/#2_Financial_investment_options\" title=\"2. Financial investment options\">2. Financial investment options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/fema-and-fera-rules-for-nri\/#3_Acquisition_and_transfer_of_immovable_properties\" title=\"3. Acquisition and transfer of immovable properties\">3. Acquisition and transfer of immovable properties<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/fema-and-fera-rules-for-nri\/#4_Repatriation_of_current_and_immovable_assets\" title=\"4. Repatriation of current and immovable assets\">4. Repatriation of current and immovable assets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/fema-and-fera-rules-for-nri\/#5_Income_for_students\" title=\"5. Income for students\">5. Income for students<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"History_of_FEMA\"><\/span><b>History of FEMA<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In this article, we will discuss the brief summarized description of FERA and FEMA Rules. Foreign Exchange Regulation Act (FERA) is the law that was passed in the year of 1973 by the Indian Parliament and came into effect as on January 1, 1974.\u00a0 The purpose of this act is to impose strict regulations on transactions involving foreign exchange and to take control of the import and export of currency. However, due to such restriction, it results in a high level of dealing in foreign currency through black money. It might be possible that NRI may perhaps remember a period of several years back when there was a black market in India for buying and selling foreign currency.\u00a0 Eventually, the government realized that FERA rules became a hurdle for economic growth and economic liberalization. At last, FERA was ended by the government in 1999 and the new act has taken place named \u201cForeign Exchange Management Act\u201d (FEMA). This act focussed on the liberalization of foreign exchange controls and removed many restrictions on foreign investment. In simple words, FERA is nothing but a previous version of FEMA.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_objective_of_FEMA\"><\/span><b>The objective of FEMA.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">So, the FEMA came into effect as on the 1st of June, 2000, which replaced the Foreign Exchange Regulation Act (FERA). The objective of the Foreign Exchange Management Act is to perhaps, revise and unite laws that related to the foreign exchange transactions and to encourage orderly maintenance and development, of the foreign exchange markets in India. FEMA does not provide more restrictions as a comparison to FERA regulations, and this act is in line with economic liberalization policies of India.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">FEMA aims to facilitate external trade and their payments in India, a systematic improvement and continuation of foreign exchange in the Indian market.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Lets_first_understand_the_meaning_of_NRI\"><\/span><b>Let\u2019s first understand the meaning of NRI<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The definition of Non-Resident under FEMA is different as compared to the definition specified under the Income Tax Act.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per the <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-rules-for-nri\/\">Income Tax Act<\/a>, the residential status of a person is depending on the number of days he stays in India.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Under FEMA, it depends on the intention of a person, to be in India or outside India. As per the provisions of <\/span><span style=\"font-weight: 400;\">Income Tax,<\/span><span style=\"font-weight: 400;\">\u00a0A person shall be called Resident outside India (NRI), if he resides in India for 182 days or less in the preceding financial year. Although there are some exceptions which are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If he came to India for the purpose of Employment.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If he came to India to carry out the business or vocation.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If his period for staying in India is uncertain.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>For example,<\/strong> a person resides in maybe India for only a short duration with the intention of employment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Any international monetary transaction either to or from India is being governed by FEMA (Foreign Exchange Management Act) 1999. This Act came into effect after the FERA act was deleted and regulates all transactions that deal with foreign exchange. In the following, we shall discuss the five most important FEMA regulations that every NRI must know:<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"1_Maintenance_of_bank_account\"><\/span><b>1. Maintenance of bank account<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As and when the person fulfilled the requirement of NRI as per FEMA, he will become an NRI and then he need to open certain bank accounts as specified which would be designated for NRIs. These include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Non-Resident Ordinary Account (NRO):<\/b><span style=\"font-weight: 400;\"> When the <a href=\"https:\/\/aktassociates.com\/blog\/nri-status-taxation\/\">residential status<\/a> of a person has been changed to NRI then his normal account opened in India can be redesignated to NRO Account. Basically, NRI shall open the NRO Account if has earned the income in India.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Non-Resident External Account (NRE):<\/b><span style=\"font-weight: 400;\"> This account is opened by the NRI in which he deposits its income earned outside India. The amount deposits in this account and the interest earned in this account shall be totally tax-free.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Foreign Currency Non-Resident Account (FCNR):<\/b><span style=\"font-weight: 400;\"> Under this account, NRI can open an account in foreign currency due to which the account holder shall not have any exchange fluctuation risk.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"2_Financial_investment_options\"><\/span><b>2. Financial investment options<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As per the FEMA Guidelines, the NRIs can make an unlimited investment in repatriable or non-repatriable transactions. Although, there is an exception that the small savings schemes or Public <a href=\"https:\/\/aktassociates.com\/blog\/apply-epf-and-esic-online\/\">Provident Fund<\/a> (PPF) which aims to mobilize small savings by offering an investment within the reasonable returns combined with income tax benefits.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"3_Acquisition_and_transfer_of_immovable_properties\"><\/span><b>3. Acquisition and transfer of immovable properties<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">All NRIs and Persons of Indian Origin (PIO) (other than some specified countries) can purchase all types of residential and commercial real estate in India. Following are the exception of the above:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Agricultural land<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Plantation<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Farm homes<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"4_Repatriation_of_current_and_immovable_assets\"><\/span><b>4. Repatriation of current and immovable assets<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As explained above, the income earned outside India can be remitted by the NRI in Non-Resident External Account on foreign repatriable assets such as rent earned from an immovable property owned outside India. According to FEMA guidelines for NRIs, the sale amount of foreign assets are non-repatriable outside India without RBI approval. However, Repatriation of up to USD 1 million per financial year would be allowed only if you have inherited such property or retired from employment in India.<\/span><\/p>\n<h2><a href=\"https:\/\/aktassociates.com\/nri-lower-tds-certificate-sale-of-property-in-india\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1363 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/GET-NRI-TDS-CERTIFICATE-DONE-Banner-image-1.png\" alt=\"NRI TDS CERTIFICATE\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/GET-NRI-TDS-CERTIFICATE-DONE-Banner-image-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/GET-NRI-TDS-CERTIFICATE-DONE-Banner-image-1-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/GET-NRI-TDS-CERTIFICATE-DONE-Banner-image-1-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"5_Income_for_students\"><\/span><b>5. Income for students<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As per the Liberalized Remittance Scheme defined in FEMA, those Indian students who are NRIs, they can receive a maximum of US$ 10 lakhs per year from their <a href=\"https:\/\/aktassociates.com\/blog\/nre-nro-account\/\">NROs or NREs,<\/a> or from any profit gained from properties or estates. The NRI students can also be eligible for receiving an amount equivalent to US$ 2.5 lakh per year for caring for their close relations.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When a Non-resident individual (NRI) has made any transaction in India, then they have to oblige with the certain rules &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"FEMA and FERA Rules for NRI\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/fema-and-fera-rules-for-nri\/#more-1918\">Read more<span class=\"screen-reader-text\">FEMA and FERA Rules for NRI<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":1920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FEMA and FERA Rules 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