Since in the instant case the shares will be held on non-repatriable basis, the sale proceeds of such shares will get credited into NRO bank account. Further as per the FEMA (Remittance of Assets) Regulation, 2000, NRI can remit an amount, not exceeding US $ 1 million per financial year out of the balances held in NRO accounts/ sale proceeds of assets/the assets in India acquired by him by way of inheritance/ legacy on production of documentary evidence in support of acquisition inheritance or legacy of assets. Also, for remitting any higher amount than permissible, application to RBI is required to be made along with other documentary proofs & other requirements as specified in the said regulation.
Guidelines to nominees / legal heir if the above process is not followed