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Our Bureau

Mumbai , Nov. 16

The RBI has dispensed with the lock-in period for remittance of sale proceeds of immovable property of NRIs or Persons of Indian Origin from their Non-Resident Ordinary (NRO) accounts in India. The remittance of such sale proceeds was subject to a lock-in period of 10 years.

"With a view to further liberalise the procedure and provide greater flexibility, the lock-in period of 10 years for remittance of sale proceeds of immovable property has been dispensed with," said an RBI notification.

The central bank had announced the measure in the recent review of the monetary policy. The existing regulations permit NRIs and Persons of Indian Origin to remit up to $1 million per calendar year for any bonafide purpose out of the balances in their NRO accounts. The balance in the NRO accounts may also include the sale proceeds of immovable property acquired by them out of their resources in India, or sale proceeds of property received by way of inheritance or gift.

More Stories on : NRIs | Real Estate & Construction | RBI & Other Central Banks | Financial Policy

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