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Back to Top of Index Question-24: Is repatriation of funds belonging to non-resident nominees permitted ?

April 26, 2017belonging funds index nominees non-resident permitted Repatriation

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Back to Top of Index Question-24: Is repatriation of funds belonging to non-resident nominees permitted ?

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No. Funds held in NRO account wil be allowed to be credited to the non-resident nominees’s NRO account only and no repatriation of these funds abroad is permitted. Repatriation of funds from the deceased person’s NRE account requires specific approval from Reserve Bank.