Indians Acquiring Property Abroad?  (Continued from previous page) 33. Can residents avail of this facility for acquiring immovable property and other assets abroad? Yes. Individuals are free to use this Scheme to acquire and hold immovable property, shares or any other asset outside India without prior approval of RBI. 34.Can individuals open a foreign currency account abroad for making remittance under the scheme? Yes. Individuals are free to open, hold and maintain foreign currency accounts with a bank outside India for making remittances under the Scheme without the prior approval of RBI. The account can be used for putting through any transaction connected with or arising from remittances under the Scheme. 35.What is the impact of the Scheme on the existing facilities for private/business travel, gift, donation, studies, medical treatment etc./items covered in Schedule III of Foreign Exchange Management (Current Account Transactions) Rules, 2000?. The facility under the Scheme is in addition to those already available under Foreign Exchange Management (Current Account Transactions) Rules, 2000. 36. Can an individual send remittance under the Scheme to any country? Remittance cannot be made directly or indirectly to Bhutan, Nepal, Mauritius or Pakistan. The facility is also not available for making remittances directly or indirectly to countries identified by the Financial Action Task Force (FATF) as ‘non-co-operative Countries or Territories' viz., Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, Philippines and Ukraine. Further, remittance under the facility cannot be made to individuals and entities identified as posing significant risk or committing acts of terrorism as advised to banks by RBI from time to time. 37.What are the requirements to be complied with by the remitter? The individual will have to designate a branch of an AD through which all the remittances under the Scheme will be made. He has to furnish an application- cum-declaration in the specified format regarding the purpose of the remittance and declare that the funds belong to him and will not be used for purposes prohibited or regulated under the Scheme. 38.If an investment of USD 25,000 rises in value within the year, can one book profits and invest abroad again? The investor is free to book profit or loss abroad and to invest abroad again. He is under no obligation to repatriate the funds sent abroad. 39. Can an individual, who has repatriated the amount sent during the calendar year, avail of the facility once again? Once a remittance is made for an amount up to USD 25,000 during the calendar year, he would not be eligible to make any further remittances under this route, even if the proceeds of the investments have been brought back into the country. 40. Can remittances be made only in US Dollars? The remittances can be in any currency equivalent to USD 25,000 in a calendar year. Source: http://www.rbi.org.in N RI Information Informing  educating and connecting Indians across the globe . . . © Copyright 2006 Nriinformation.com