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The Reserve Bank of India (RBI) has said NRIs or persons of Indian Origin (PIO) who do not maintain non-resident ordinary account and have no taxable income in India need not submit a certificate from a chartered accountant (CA) for remitting their current income like dividend, rent, pension and interest.
RBI in a notification to Authorised Dealers (AD) said in such cases ADs may obtain a simple declaration, in duplicate, from the NRIs/PIOs to the effect that he/she is not a tax payer in India.
The ADs may retain such declaration with them for future reference for income tax authorities, if any, it added.
RBI also said proceeds of the deposit on maturity may be allowed to be repatriated outside India in case the accountholder does not maintain an NRE account.
- nriol.com report
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