R2I facilities on overseas assets for Indians returning to India
Here are some key highlights of the Indian facilities related to overseas assets and financial situations for Indians returning to India:
Retaining assets abroad:
- Effective 17th July, 1992, the Indian 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.
- They are not required to obtain any permission from Reserve Bank for holding these assets.
- They would enjoy complete freedom for utilization of these assets as well as income earned or sale proceeds received subsequently.




