NRIs can transfer funds from NRO to NRE account: RBI

The Reserve Bank of India (RBI), the apex bank of India, has allowed Non-Resident Indians (NRI) to transfer funds from a Non-Resident Ordinary (NRO) account to a Non-Resident External (NRE) account subject to a ceiling of $1 million in a financial year.

The decision came after the K J Udeshi committee recommendation to facilitate persons under the Foreign Exchange Management Act, 1999.

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