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Is permission from the Reserve Bank required for sale / transfer of Government securities / units ?

April 26, 2017Bank for sale government permission Reserve securities transfer units

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Is permission from the Reserve Bank required for sale / transfer of Government securities / units ?

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Ans. No.Authorised dealers have been permitted to undertake sale of Government securities / units on behalf of NRIs without prior approval of the Reserve Bank. Sale / maturity proceeds can be remitted abroad if the original investment was made out of funds remitted from abroad or funds in NRE/FCNR accounts. Otherwise, they will have to be credited to a NRO account of the holder.