NO LOCK-IN OF SALE PROCEEDS

Non Resident Indians (NRIs) can now remit up to $ 1 million per year abroad immediately after they sell immovable property. So far, NRIs and Persons of Indian origin (PIOs) had to lock in their sale proceeds for a certain period in their Non-Resident Ordinary (NRO) accounts. Now, the RBI has done away with the lock-in period. However, the annual ceiling on total remittance out of NRO accounts will remain at $ 1 million.