RBI removes lock-in period for NRIs/PIOs on repatriation

mumbai: in a move to provide greater facilities to nris and persons of indian origin, the reserve bank of india has removed the lock-in period for repatriation of sale proceeds of immovable property purchased in india by them through inward remittances. the sale proceeds allowed to be repatriated should, however, not exceed the foreign exchange brought in to acquire the property, the apex bank said in a statement here today. the liberalised facility of remittance would also be available to nris and pios who have already made payment for acquiring immovable property in india, the release added. currently, they are permitted to repatriate sale proceeds of immovable property only after a three year lock-in period from the date of acquisition or payment of final instalment on the purchase, whichever is later and limited to foreign exchange brought in to purchase property. a notification for carrying out suitable amendments in the regulations in being issued and on its publication in the official gazette, it would be possible for nris and pios to effect such remittances without the prior approval of the reserve bank, the release said, adding, until further notice, the applications for such remittances could be made to its regional offices.