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March 22, 2002 | 1825 IST
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RBI eases norms for expatriate property sales

Reserve Bank of India said on Friday it has eased norms for expatriate Indians selling immovable property purchased in the country.

A Reserve Bank of India statement said it will remove the lock-in period -- currently at three years -- for repatriation of the sale proceeds.

"The sale proceeds allowed to be repatriated should, however, not exceed the foreign exchange brought in to acquire the property," the statement said.

On Thursday, the central bank had allowed expatriate Indians to remit $100,000 per calendar year out of inherited assets.

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