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December 2011

A.P. (DIR Series) Circular No. 37, dated 19- 10-2011 — (i) Repatriation of income and sale proceeds of assets held abroad by NRIs who have returned to India for permanent settlement (ii) repatriation of income and sale proceeds of assets acquired abroad through remittances under Liberalised Remittance Scheme — Clarification.

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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This Circular clarifies that:

(a) In terms of s.s 4 of section (6) of FEMA, 1999, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was:

(i) Acquired, held or owned by such person when he was resident outside India or

(ii) Inherited from a person who was resident outside India.

(b) An investor can retain and reinvest overseas the income earned on investments made under the Liberalised Remittance Scheme.

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