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Can NRIs sell gold/silver imported by them to residents?

April 26, 2017gold imported NRIs residents sell Silver

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10 Posted

Can NRIs sell gold/silver imported by them to residents?

5 Answers

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10 Posted

Ans. Yes. Gold/Silver is brought by NRIs can be sold to residents against payment in rupees. Reserve Bank has granted general permission to persons resident in India to make payment to NRIs in Indian rupees by means of a crossed cheque in India and that such rupees are credited to Ordinary Non-resident Rupee (NRO) account of the NRI seller.

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Posted

• Yes. Gold/silver so brought by NRIs can be sold to residents against payment in rupees. Reserve Bank has granted general permission to persons resident in India to make payment to NRIs in Indian rupees by means of a crossed cheque in India and that such rupees are credited to Ordinary Non-resident Rupee (NRO) account of the NRI seller.

0

10 Posted

Ans. Yes. Gold/silver so brought by NRIs can be sold to residents against payment in rupees. Reserve Bank has granted general permission to persons resident in India to make payment to NRIs in Indian rupees by means of a crossed cheque in India and that such rupees are credited to Ordinary Non-resident Rupee (NRO) account of the NRI seller.

0

Posted

Yes. Gold/silver so brought by NRIs can be sold to residents against payment in rupees. Reserve Bank has granted general permission to persons resident in India to make payment to NRIs in Indian rupees by means of a crossed cheque in India and that such rupees are credited to Ordinary Non-resident Rupee (NRO) account of the NRI seller.

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Posted

Yes. NRIs can sell the gold and silver brought by them into India to residents and such sale proceeds cannot be repatriated outside India and can only be credited to the Non-repatriable bank accounts (NRO) of the selling NRIs.