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Investment
by NRGs in immovable properties in India did not carry
repatriation benefits until May, 1993 The Reserve Bank
of India (RBI), has since permitted Non Resident Indian
Nationals and Foreign Nationals of Indian
origin to invest in any immovable property (either
residential or commercial), with repatriation benefits The benefit of repatriation can be availed of by the
investor subject to the following conditions:
The purchase consideration is met through foreign
exchange remittances or out of NRE / FCNR A/c balances
The investor has, submitted a Declaration in Form IPI -7
to the RBI within 90 days from the date of acquisition
of the property indicating the relevant particulars of
the investment The sale takes place after 3 years from
the date of acquisition or from the date of payment of
final instalment of the consideration amount,
whichever is later
The
repatriation will be allowed to the extent of the
consideration amount equivalent in foreign exchange,
which was paid at the time of acquisition of the
property Moreover, in case of sale of residential
properties, the repatriation benefit shall not be
granted beyond the sale of two such properties
The
investor applies to the RBI in Form IPI-8 for seeking
repatriation of the permissible portion of the sale
proceeds
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