Holding foreign assets by Indian residents permitted if acquired before residency or inherited; acquisitions also allowed under LRS. A person resident in India may hold, own, transfer or invest in foreign currency, foreign securities or immovable property outside India if those assets ... Summary
Holding foreign assets by Indian residents permitted if acquired before residency or inherited; acquisitions also allowed under LRS.
A person resident in India may hold, own, transfer or invest in foreign currency, foreign securities or immovable property outside India if those assets were acquired while the person was resident abroad or were inherited from a person resident abroad. Section 6(4) of the Foreign Exchange Management Act, 1999 authorises such holdings subject to those origin conditions, and resident individuals may also acquire overseas assets under the Liberalised Remittance Scheme (LRS).
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