Repatriation of sale proceeds of immovable property in India acquired by NRIs / PIOs

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....Authorised Dealers in Foreign Exchange Madam / Sirs, Repatriation of sale proceeds of immovable property in India acquired by NRIs / PIOs Attention of authorised dealers is invited to clause (iii) of sub-regulation (b) of Regulation 6 of Notification No. FEMA 21/2000-RB dated 3^rd May 2000 read with Notification No. FEMA 65/2002-RB dated 29^th June 2002 in terms of which, authorised deale....

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.... residential accommodation is subsequently repaid by NRIs/PIOs by remitting funds from abroad or by debit to their NRE/FCNR accounts such repayments in foreign exchange of rupee loans obtained for acquiring residential accommodation may be treated as equivalent to foreign exchange received for the purpose of clause (iii) of sub-regulation (b) of Regulation 6 of Notification No.FEMA 21/2000-RB date....