Remittance of capital assets in India held by a person whether resident in or outside India would require approval of the RBI except to the extent provided in the Foreign Exchange Management Act, 1999 (FEMA) or Rules or Regulations made under the Act.

Remittance of assets by NRI/PIO

NRIs and PIOs are permitted to remit upto $1, 00,000 per year from their Non Resident (Ordinary) account/sale proceeds of assets (inclusive of inheritance/settlement).

Repatriation of Sale Proceeds of Residential Property purchased by NRIs/PIO out of foreign exchange

There is no lock-in period for sale of residential property purchased by NRI/PIO out of foreign exchange. However, repatriation of sale proceeds of residential property purchased by NRI/PIO out of foreign exchange is restricted to not more than two such properties.

Remittance representing refund of application/earnest money on account of non allotment is permitted together with interest if the original payment was made out of NRE/FCNR account of the account holder or the remittance was from outside India through normal banking channels.