Opinion - Letters to the Editor   

Repatriation of funds

Sir, — The Reserve Bank of India recently announced that NRIs and PIOs could repatriate funds held by them in their non-resident ordinary rupee accounts (NRO) subject to certain ceiling limits.

In the case of sale proceeds of immovable property, the prescribed ceiling is up to $ 100,000 with the stipulation that the property has been held by them for a period of not less than 10 years.

It is common knowledge that the investor gets into an agreement with the developer/Housing Board etc., and payments are made on an instalment basis.

The property comes into the possession of the investor after full settlement of the dues. Technically, the property should be construed to be held by the owner from the date of physical possession thereof, and not reckoned from the belated date of registration of the same (in a registration office) which usually takes place after a gap of many years. The RBI may issue a clarification in this regard.

Further, in view of our comfortable forex reserves, it may be possible to scale down the minimum period of 10 years to five.

Malaya Krishnamurthy,
Chennai

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