The Reserve Bank of India has vide Notification No. FERA/152/93-RB dated 26.05.93 permitted persons of Indian Origin whether holding Indian passport or a Foreign passport (NRI), to repatriate the original investment in equivalent foreign exchange after obtaining prior approval from the Reserve Bank of India. This facility will however be restricted to maximum of two houses. The above permission allowing repatriation is subject to the following conditions: –
- The residential properties are purchased on or after 26.05.1993.
- The residential properties are not transferred or sold for a period of 3 years from the date of the final purchase deed or from the date of payment of final instalment, where the agreement for purchase so provides.