Repatriation of income and sale proceeds of assets held abroad by NRIs who have returned to India for permanent settlement/acquired abroad through remittances under LRS - Clarification.

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....e Madam / Sir, (i) Repatriation of income and sale proceeds of assets held abroad by NRIs who have returned to India for permanent settlement (ii) repatriation of income and sale proceeds of assets acquired abroad through remittances under Liberalised Remittance Scheme - Clarification Attention of the Authorised Dealer (AD) banks is invited to sections 6(4) of the Foreign Exchange Managem....

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....er LRS need not be repatriated. 3. Accordingly, it is clarified as under: (a) in terms of sub-section 4 of Section (6) of FEMA, 1999, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident ou....