Finance/RBI?

Question

One of my relative who settled out of India and holder of Citizenship outside India needs someone to answer the following question:


He has some property in India (His house, Land, etc)

He wants to sell and repatriate the proceeds out of India

Anybody can advise HOW he can transfer the funds to his present bank account/coutry where he got the Citizenship for his personal purpose there. What is the present RBI rules related to it?

He has stayed out of India in different countries for more than 10 years (with some break of 6, 8 & 13 months stay in India) but not the same country from where he has the Citizenship.

Or how many years he has to wait to Transfer the fund to his present place?

Answer 1

Reserve Bank of India has published a book exclusively for NRIs. Buy this book and go through.

However, the main points are answered here.

1. If the property in India was constructed or acquired with money in hard currency sent from outside INdia, then, repatriation would be easier. Just write to RBI Bombay, Delhi, Madras or Calcutta and they will readily give permission. (The regional RBI close to your place of Indian address is likely to respond faster.)

2. However, if you have acquired a citizenship of a foreign country and want to wind up Indian interests once and for all,
RBI will allow repatriation upto 1 million U. S. Dollars per person who has become a citizen elsewhere in the world. RBI will advise you about these formalities.

3. It is not necessary that he should have stayed outside India at the same country for this purpose. However, please give your Indian addresses, passport particulars etc. to facilitate a reply to you.

Your friend in India can act on your behalf and enquire with RBI at these places if you give him a proper authorization.