The RBI, it has been announced on 31/10/2006 , removed the lock-in period for remittance of sale proceeds of immovable property in India by non-resident Indians (NRIs) and persons of Indian origins (PIO) provided the amount being remitted does not exceed $1 million in any financial year.
Earlier, NRIs and PIOs were permitted to remit up to $1 million per calendar year for any bonafide purpose out of the balances in their NRO accounts.
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