21 November 2008
Can the Fixed Deposites got opened under NRO A/c. be repatriated back to outside india? As far as I know it can not. Yes, i want to confirm.
What are the conditions regarding repatriation of balances in NRO accounts? Ans:
1) Repatriation is allowed up to US dollars 1 million per calendar year for any purpose from the balances in NRO accounts subject to payment of applicable taxes. 2) The limit of US dollars 1 million includes sale proceeds of immovable properties held by NRIs/PIOs for a period of 10 years. 3) In case a property is sold after being held for less than 10 years, remittance can be made if the sale proceeds have been held by the NRI/PIO for the balance period.
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