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Repatriation

Every NRI is keen to repatriate his current income and rupee assets to his place of residence outside India or to hold it as Convertible Forex in India. The Indian Government has liberalised provisions as to repatriation for all the assets whether acquired as NRI from Forex or Rupee Funds or which were held by him when he was a resident in India.

Eligibility:

 

1. Current Income Repatriation
All types of income in nature of Dividend, Interest, Rent, Mutual fund, distribution from any type of deposits, investment, or properties including profits of business as partner/proprietor is freely permitted for repatriation net of Income Tax. The NRIs are eligible to apply for repatriation of Income for all the years from 1996-97 onwards.

 
Limit:

There is no limit as to the amount of repatriation in respect of current income.

 

2. Sales Proceeds of Immovable Property

 

  (a) Property acquired in Forex:

 
Where property is acquired in forex, the NRI (including PIO) the amount to be repatriated shall not exceed
 
  1. The amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels or out of funds held in Foreign Currency Non-Resident Account, or
  2. The foreign currency equivalent, as on the date of payment, of the amount paid where such payment was made from the funds held is Non Resident External Account for acquisition of the property.
  3. In case if sale proceeds are more than what you are eligible under (i) or (ii) above, you can repatriate such excess amount up to USD 1 million per financial year.
 

  (b) Property acquired otherwise than in Forex:

 
NRIs are eligible to repatriate the sales proceeds of immoveable property (inherited or otherwise) net of taxes, up to USD One million per financial year.
 

  (c) Special Permission of RBI:

 
In case a NRI is not eligible to repatriate under (a) or (b) above or he wants to repatriate amount exceeding the limit of USD One Million, sale proceeds of such immovable property can be repatriated by obtaining special permission of the Reserve Bank of India on the ground of hardship and subject to conditions as specified in the permission.
 
It may be noted that, in case of residential property the repatriation of sale proceeds under a is restricted upto two such properties, but there is no restriction in respect of commercial properties
 

3. Sale proceeds of Assets other than Immovable Property

 

  (a) NRIs are eligible to remit an amount upto USD One million, per financial year the sale proceeds / relisation of :

 
  1. Deposits with Banks/ Firms/ Companies.
  2. PF/ Super Annuation Balance.
  3. Life Insurance Maturity proceeds / claims.
  4. Sale proceeds of Shares, Securities etc.
  5. Any other asset or property other than immovable property.
 

  (b) Special Permission of RBI:

 
In case a NRI is not eligible to repatriate under (a) above or he wants to repatriate amount exceeding the limit of USD One Million, sale proceeds of such immovable property can be repatriated by obtaining special permission of the Reserve Bank of India on the ground of hardship and subject to conditions as specified in the permission.
 
Limits:
 
  1. Up to the amount of investment in FOREX, Entire amount.
  2. Up to 1 million US dollar for the immovable property and assets mentioned in the point (2) and (3).
  3. RBI has full power and authority to permit repatriation without any limit.
 
 
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