On winding up of the business can the sale proceeds of such property be repatriated?
Yes, with prior approval of Reserve Bank. Acquisition/Transfer of immovable property in India by Foreign Embassies/Diplomats/Counsel Generals 43 Can Foreign Embassies/Diplomats/Counsel General purchase/sell immovable property in India? Yes. Under general permission available Foreign Embassies/Diplomats/Counsel General may acquire any immovable property other than agricultural land/plantation property/farm house in India. Such property may be purchased/sold provided prior clearance from the Government of India, Ministry of External Affairs has been obtained for such purchase/sale. The consideration for purchase of such property should be paid by way of inward remittance through normal banking channel. Other issues 44 Can NRI/PIO rent out the residential/commercial property purchased out of foreign exchange/rupee funds, if not required for immediate use? Yes. Rent received, being current income may be credited to NRO/NRE account or remitted abroad. 45 Can NRI who had acquired immovable p
