Received as proceeds of assets being foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India or received as gift or inheritance from a person who was resident outside India.

In this regard, foreign security is defined as any security, in the form of shares, stocks, bonds, debentures or any other instrument denominated or expressed in foreign currency and includes securities expressed in foreign currency, but where redemption or any form of return such as interest or dividends is payable in Indian currency.

In whose favour can nominations be made?
Nominations can be made in favour of residents as well as non-residents.

On the death of the depositor, repatriation of the balances in the account is permissible to a nominee resident outside India, to the extent of his share or entitlement from the account of the deceased account holder. In the event of the nominee being a person resident in India, who is desirous of remitting funds outside India, out of his share for meeting the liabilities abroad of the deceased, an application would have to be made to the Reserve Bank of India for such remittance.