RBI lifts lock- in for repatriation
By Our Banking Bureau | 23 Mar 2002
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Mumbai: The Rerserve Bank of India (RBI) has removed the lock-in period for repatriation of sale proceeds of the immovable properties purchased in India by non-resident Indians (NRIs) and persons of Indian origin (PIO) through inward remittances.
The RBI, however, said the sale proceeds allowed to be repatriated should not exceed the foreign exchange brought in to acquire the property. This facility will also be available to NRIs and PIOs who have already made the payment for acquiring immovable properties in India, an RBI press release said.
Currently NRIs and PIOs are permitted to repatriate the sale proceeds of immovable properties only after a lock-in period of three years from the date of acquisition or the payment of the final instalment for the purchase, whichever is later. The repatriation of sale proceeds is limited to the foreign exchange brought in to purchase the property.
