11E.7
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
General Permission
By its Notification No.FERA.155/93-RB dated 16th September 1993, issued under Section 29(1) of FERA 1973, Reserve Bank has granted general permission to non-resident Indian citizens and foreign citizens of Indian origin to let out any immovable property in India held by them. The rental income or proceeds of any investment of such income shall not be repatriable outside India at any time in future and such funds should be credited to the owners Ordinary Non-Resident Rupee (NRO) account maintained with a bank in India.
NOTE:
See paragraph 10C 24A regarding repatriation of income/interest earned during the financial year 1994-95 and onwards.
NOTE:
See paragraph 10C 24A regarding repatriation of income/interest earned during the financial year 1994-95 and onwards.