Response to this Question

    There are no restrictions on repatriation of current income i.e. rent, dividend, interest etc. net of Indian taxes. Only an undertaking by the remitter and CA certificate as to the payment/ deduction of tax is required.

    Repatriation of sale proceeds of investments acquired out of forex resources/ NRE funds has been discussed in Investment opportunities.

    Now full capital account convertibility is available to NRIs to the extent of USD 1 million per calendar year for any bonafide purpose out of:

    Balances held in NRO account;
    Sale proceeds of assets like shares and securities, deposits, PF, immoveable property* etc. which are otherwise held on non-repatriation basis;
    Sale proceeds of assets acquired by way of inheritance or legacy.
    *However in case of immoveable property acquired out of Rupee funds, the sale proceeds can be repatriated only if the 'property/ sale proceeds' were 'held/ retained in NRO account' cumulatively for a minimum period of 10 years.
    'A' has to produce the requisite documentary evidence in support of the acquisition/ inheritance/ legacy of funds/ assets proposed to be remitted besides the undertaking and CA certificate for tax compliance to avail of this facility.

Date : 30-Nov-2019 

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