Can sale proceeds of such property be repatriated?
Ans. On winding up of the business such property may be disposed off and such sale proceeds may be repatriated with prior approval of Reserve Bank. Q.24. A person resident in India acquired immovable property viz., residential/commercial property/ agricultural land/ plantation property/farm house in India, now he has acquired NRI/PIO status, can he continue to hold such property? Ans. As per Section 6(5) of the Foreign Exchange Management Act, 1999 NRI/PIO who had acquired immovable property in India while he was a person resident in India may continue to hold such property. And then he may transfer it by way of sales or gift to a person resident in India or NRI or PIO and the sale proceeds of which may be credited to NRO account. However, if a PIO is a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan he should seek prior approval of Reserve Bank for such transfer.
