Q26. Can a person who had bought immovable property, when he was a resident, continue to hold such property even after becoming an NRI/PIO/OCI ? In which account can the sale proceeds of such immovable property be credited?

Yes, A person who had bought the residential / commercial property / agricultural land/ plantation property / farm house in India when he was a resident, can continue to hold the immovable property without the approval of the Reserve Bank even after becoming an NRI/PIO/OCI. The sale proceeds will may be credited to NRO account of the NRI /PIO/OCI.