Repatriation outside India means buying or drawing of foreign exchange from an authorised dealer in India and remitting it outside India through normal banking channels or crediting it to an account denominated in foreign currency or to an account in Indian currency maintained with an authorised dealer from which it can be converted in foreign currency.
NRIs/PIOs are eligible to repatriate sale proceeds outside India, provided that the proceeds are equivalent to the original investment. In the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties, as well as commercial property after 3 years of acquisition (i.e. possession) or payment of last instalment, whichever is later , provided the investment is out of direct remittance or NRE/FCNR account. Form IPI-8 is to be submitted to RBI within 90 days of sale of the property.
NRI/PIO are allowed by the authorised dealers to repatriate an amount up to $(US)1 million per financial year. This is subject to production of documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter, and a tax clearance / no objection certificate from the Income Tax Authority for the remittance. Remittances exceeding US $1,000,000 in any financial year requires prior permission of the RBI.
Foreigners are not eligible to repatriate sale proceeds outside India.