Can NRI/PIO rent out the residential commercial property purchased out of foreign exchange/rupee funds?

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Can NRI/PIO rent out the residential commercial property purchased out of foreign exchange/rupee funds?

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A.30. Yes, NRI/PIO can rent out the property without the approval of the Reserve Bank. Rent received can be credited to NRO/NRE account or remitted abroad. Powers have been delegated to the Authorised Dealers to allow repatriation of current income like rent, dividend, pension, interest, etc. of NRls/PIO who do not maintain an NRO account in India based on an appropriate certification by a Chartered Accountant, certifying that the amount proposed to be remitted is eligible for remittance and that applicable taxes have been paid/ provided for. [cf. AP. (DIR Series) Circular No. 45 dated May 14, 2002].

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