(1) A person who has acquired the property u/s 6(5) of FEMA or his successor cannot repatriate the sale proceeds of such property without RBI approval.
(2) Repatriation up to USD 1 million per financial year is allowed, along with other assets under (Foreign Exchange Management (Remittance of Assets) Regulations, 2016) for NRIs/PIOs and a foreign citizen (except Nepal/Bhutan/PIO) who has (i) inherited from a person referred to in section 6(5) of FEMA, or (ii) retired from employment in India or (iii) is a non-resident widow/widower and has inherited assets from her/his deceased spose who was an Indian national resident in India.
(3) NRIs/PIOs can remit the sale proceeds of immovable property (other than agricultural land/farm house/plantation property) in India subject to the following conditions:
(a) The immovable property was acquired in accordance with the provisions of the foreign exchange law in force at the time of acquisition of the provisions of Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations,2018;
(b) The amount for acquisition of the property was paid in foreign exchange received through banking channels or out of the funds held in foreign currency non-resident account or out of the funds held in non-resident external account;
( c) In the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties.