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The alternative investment fund (AIF) industry has grown over the past few years, with the investments rising to ₹3.5 lakh crore as on September30, 2023. The markets regulator proposes an approach that addresses the concerns while facilitating the ease of doing business at the same time.
The maximum amount that can be transferred from an NRO account depends on the source of funding, with a cap of $1 million per fiscal year for non-current income. There are no restrictions on remitting current income from an NRO account.
You can remit money through various secured agencies as they provide a simple and convenient money transfer experience.
There are usually two types of bank accounts that are operated by an NRI in India. These are NRE and NRO bank accounts. The money lying in NRE bank account is easily remitted by an NRI outside India. However, the same cannot be said for the NRO bank account. There are certain rules that an NRI must comply with before making transfer either to overseas bank account or to NRE account.
The APRs were with respect to duly compliant overseas direct investment (ODI) of about Rs 8,000 crore that arose from the delayed statutory audit of the financial year ended March 2022 (FY22), it added in the statement.