Effective 17th July,1992, the Central Government has granted exemption from the surrender requirement to persons who return to India after a continuous stay abroad of one year and above in respect of funds/assets acquired by them abroad otherwise than in contravention of FERA 1973 or out of foreign exchange earned through employment, business or vocation outside India taken up or commenced while they were resident outside India. Persons satisfying the conditions of general exemption can retain their foreign currency accounts within bank abroad and/or hold, transfer or dispose of their other foreign currency assets such as shares, securities or investments in business, etc. and immovable properties.  

Yes. They would enjoy complete freedom for utilization of these assets as well as income earned or sale proceeds received subsequently.

NRO and NRE accounts can be maintained in current/savings/ fixed deposit form while NRNR accounts can be only in fixed term deposits.

Yes. They can repatriate these assets to India and hold them separately in India with authorized dealers under the Resident Foreign Currency Accounts Scheme .