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of <h1>RBI Eases Remittance Rules: No Lock-In for NRIs, PIOs on Property Sales; Banks Must Report Quarterly.</h1> The circular issued by the Reserve Bank of India (RBI) addresses the liberalization of remittance facilities for Non-Resident Indians (NRIs), Persons of Indian Origin (PIO), and foreign nationals. It highlights the removal of the 10-year lock-in period for remitting sale proceeds of immovable property from Non-Resident Ordinary (NRO) accounts, allowing remittances up to USD one million per financial year. Authorized Dealer Category - I banks are required to report quarterly on remittance activities to the RBI. Amendments to the Foreign Exchange Management (Remittance of Assets) Regulations, 2000, will be notified separately.
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