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What are the conditions regarding repatriation of balances in NRO accounts?

April 26, 2017accounts balances Conditions nro Repatriation

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What are the conditions regarding repatriation of balances in NRO accounts?

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Repatriation is allowed upto US dollars 1 million per calendar year for any purpose from the balances in NRO accounts subject to payment of applicable taxes. The limit of US dollars 1 million includes sale proceeds of immovable properties held by NRIs/PIOs for a period of 10 years. In case a property is sold after being held for less than 10 years, remittance can be made if the sale proceeds have been held by the NRI/PIO for the balance period.

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Repatriation of current income is allowed up to US dollars 1 million per calendar year for any purpose from the balances in NRO accounts subject to payment of applicable taxes. The limit of US dollars 1 million includes sale proceeds of immovable properties held by NRIs/ PIOs.