Facilities to Returning Indians w.r.t. Overseas Assets |
Effective 17th July,1992, the Central Government has
granted exemption from the surrender requirement to persons who return to India after a
continuous stay abroad of one year and above in respect of funds/assets acquired by them
abroad otherwise than in contravention of FERA 1973 or out of foreign exchange earned
through employment, business or vocation outside India taken up or commenced while they
were resident outside India. persons satisfying the conditions of general exemption can
retain their foreign currency accounts within bank abroad and/or hold,transfer or dispose
of their other foreign currency assets such as shares,securities or investments in
business, etc. and immovable properties.
Ans.II
No.
Yes. They would enjoy complete freedom for utilization of
these assets as well as income earned or sale proceeds received subsequently.
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Yes. They can repatriate these assets to India and hold them separately in India with authorised dealers under the Resident Foreign Currency Accounts Scheme.