Whether NRIS nro account cane repatriated?.Whether NRIS can buy farm land and repatriate the sale proceeds after some time?.
2006-10-16 15:50:32 · 3 answers · asked by SAIRAM G 1 in Business & Finance ➔ Investing
Thpically non resident indians can open 2 major types of accounts in india.
NRO: non resident ordinary - this account can be held jointly by a non resident and a resident indian. money can be withdrawn by either in rupees only
NRE: non resident external - this can can be held only by non resident indians.
There are no restrictions on purchase of agricultural or non-agricultural land for NRI's.
If the land was bought thru an NRI account then the money can be potentially repatriated.
In addition per new RBI regulations there is a 1 mn dollar limit for repatriation per family member who has passed away and left money for NRIs.
2006-10-16 16:05:01 · answer #1 · answered by novice 1 · 0⤊ 0⤋
Purchase of residential or commercial property and repatriation of their sale proceeds is permitted for NRIs. NRI can not purchasse farm land, farm house or agricultural estate and hence repatriation does not arise. Balances in NRO account can not be repatriated.
2006-10-16 23:16:40 · answer #2 · answered by cvrk3 4 · 0⤊ 0⤋
NRIs cannot buy agriculture land in India.
2006-10-17 08:29:35 · answer #3 · answered by NirmalJain 2 · 0⤊ 0⤋