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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Circular Permits Repatriation of Sale Proceeds from Indian Property by NRIs/PIOs Under FEMA 1999.</h1> The Reserve Bank of India issued a circular allowing authorized dealers to facilitate the repatriation of sale proceeds from immovable property in India, acquired by Non-Resident Indians (NRIs) or Persons of Indian Origin (PIOs). This applies to properties purchased with foreign exchange through normal banking channels or funds in NRE/FCNR accounts. Additionally, loans for residential property acquisition repaid through foreign remittances or NRE/FCNR accounts are considered equivalent to foreign exchange received. Authorized dealers must inform their clients of these provisions, which are issued under the Foreign Exchange Management Act, 1999.
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