What is the procedure for remittances through normal banking channels?
Ans: It is pertinent to note that, wherever specific approval of RBI is not required, the sale proceeds of residential property, as well as, rental income may be remitted outside India through normal banking channels, after obtaining an appropriate certificate from a chartered accountant certifying that applicable taxes have been paid / provided for. NRIs / PIOs can now acquire a dream house in India for their own use, or for renting out, or even transfer, or sell the same, if necessary. Subject to foreign exchange regulations, they are now allowed to take rental income and investment in residential property outside India in a hassle-free manner.
