Any cross border transaction either to or from India is governed by Foreign Exchange Management Act.
Following are the FEMA rules for NRIs:
1) Maintenance of Bank account :
Once you become a NRI you can open a NRO account if your moneys end use is in India else NRE account where funds are freely repatriable.
The money is kept in Rupees in both the accounts.
You can open a FCNRB account to keep money in Foreign currency.
2) Financial Investment options:
Except small savings and Public Provident Funds NRIs either on repatriable or non-repatribale basis are allowed to invest in almost all kinds of financial instruments without any limit.
3) Acquisition and transfer of immovable properties:
NRIs and PIOs excluding those from some countries can purchase immovable property except an agricultural land or plantation or farm house through foreign income or funds from India.
4) Repatriation of current & immovable assets:
Repatriation of current income such as rent, dividend, interest and so on are freely allowed. However there is a sealing on repatriation of other immovable assets as only originally invested foreign fund can be repatriated.
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