The Reserve Bank on Monday allowed non-resident Indians (NRIs) to transfer funds from non-resident ordinary (NRO) account to Non-Resident External (NRE) account subject to a ceiling of $1 million in a financial year. "On a review, it has been decided that henceforth NRI...shall be eligible to transfer funds from NRO account to NRE account from within the overall ceiling of $1 million per financial year subject to payment of tax," RBI said in a notification. The decision came after K J Udeshi committee recommendation to facilitate persons under Foreign Exchange Management Act (FEMA), 1999, it said. As per the existing regulation, fund transfer from NRE account to NRO was allowed, but not the other way round......
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