ll I.Liberalised remittances facilities to NRIs/PIO and Foreign Nationals



Banks who are Authorised Dealers (ADs) are permitted to allow remittances up to USD 1 million, per calendar year, out of balances held by NRIs/PIO/Foreign Nationals (including retired employees or non-resident widows of Indian citizens) in NRO accounts/sale proceeds of assets on production of the following documents:

                (i)An undertaking

                (ii)A certificate by the person making remittance

Undertaking

To

___________________________________________________________________________

(Designation of the Assessing Officer),


I/we_______________________________________________________________________

(Name, address & Permanent Account Number) propose to make a remittance

of________________________________________________________________________

                                                                   (Amount)

being______________________________________________________________________

                                                                 (Nature of payment)

to_________________________________________________________________________

(Name & complete address of the person to whom the remittance has been made)
after deducting a sum of Rs._________ being the tax @ ______, which is the appropriate rate of tax deductible at source on the said amount of remittance.

2.A certificate from the accountant as defined in Explanation below Section 288  of the Income-tax Act certifying the 

   nature and amount of income, amount of tax   payable and the amount actually paid, is also annexed.

3.In case it is found that the tax actually payable on the amount of remittance   made has either not been paid or has not been paid in full, I/we undertake to pay   the said amount of tax along with interest found due in accordance with the  provision of the Income-tax Act.

4.I/we will also be subject to the provisions of penalty and prosecution for the  said default as per the Income-tax Act.

5.I/we also undertake to submit the requisite documents etc. for enabling   the Income-tax Department to determine the nature and amount of income and tax,  interest, penalty etc. payable thereon.


(Name and Signature)


Date :

Place :



(The Undertaking shall be signed by the person authorised to sign the  return of income of the person making the payment)

======================================================

Certificate


I/we have examined the books of accounts of

M/s ______________________________________________________________

(Name, address and Permanent Account Number of person making the remittance)

for ascertaining the nature of the remittance, of _________________________________

                                                                                         (Amount of remittance)
to_____________________________________________________________________

(Name and complete address of the person to whom the remittance is being made)
and the rate at which the tax is deductible at source thereon and hereby certify that
a sum of Rs. _______________has been deducted as tax at the appropriate rate and has been paid to the credit of the Government.



                                                                                                       ______________
                                                                                                          (Accountant)

Place :

Date :