Here are some notes about the proceeds of assets held abroad by NRIs:
- What are the proceeds of assets held abroad? The proceeds of assets held abroad refer to the money that is received from the sale of assets, such as immovable property, shares, bank deposits, etc., that are held outside India.
- Who can repatriate the proceeds of assets held abroad? NRIs and PIOs (Persons of Indian Origin) who are resident outside India can repatriate the proceeds of assets held abroad.
- What are the restrictions on repatriation of the proceeds of assets held abroad? There are some restrictions on the repatriation of the proceeds of assets held abroad, depending on the type of asset. For example, NRIs and PIOs are not allowed to repatriate the proceeds of immovable property in Pakistan, Bangladesh, Sri Lanka, China, Afghanistan, Iran, Nepal, and Bhutan.
- What are the documents required to repatriate the proceeds of assets held abroad? To repatriate the proceeds of assets held abroad, you will need to provide the following documents:
- Proof of identity
- Proof of residence
- Proof of ownership of the assets
- An undertaking that the proceeds will be used for bona fide purposes
- What are the procedures for repatriating the proceeds of assets held abroad? The procedures for repatriating the proceeds of assets held abroad vary depending on the type of asset. However, in general, you will need to contact an authorized dealer bank in India to initiate the process.
Here are some additional notes:
- The RBI may impose additional restrictions on the repatriation of the proceeds of assets held abroad from time to time.
- You should check with the RBI in advance to see if there are any specific restrictions on the repatriation of the proceeds of assets held abroad.