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Can NRI India Properties be sold without the permission of Reserve Bank?

April 26, 2017Bank India NRI permission properties Reserve sold

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Can NRI India Properties be sold without the permission of Reserve Bank?

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Yes. Reserve Bank has granted general permission for sale of Nri properties. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.