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  NRI

Who is a NRI (non resident Indian) ?

A NRI is a person resident outside India who is either a citizen of India or a person of Indian origin. A NRI is an Indian Citizen who has migrated to another Country. For all official purpose the Government of India considers Indian National away from India for more than 182 days, in a year.

 

Who is a PIO?

A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who:
i) Held an Indian Passport at any time, or
ii) Who or whose father or paternal grand father was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955.
 

What are Overseas Corporate Bodies?

These are bodies largely owned by people who are Indian citizen or of Indian origin but reside outside India. They include overseas companies, corporate bodies and partnership firms owned mostly by the Indian citizens or people of Indian origin. In these bodies, three-fourth of the interest are owned by Indian citizens or people of Indian origin.

 

Is it possible for non resident Indians and Overseas Corporate Bodies to invest in India?

Yes, it is absolutely possible for them however, through the RBI and Government way which includes, Foreign Investment Promotion Board (FIPB). These Individuals and bodies can invest up-to 100% equity in Indian real estate and civil aviation sectors. Their investment in India is fully repatriable except in case of real estate which has 3 years lock-in period on original investment along with 16% cap on dividend repatriation.

 

What is the procedure of payment for a residential property, for foreign citizens?

Payments can be made either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts in Indian banks.

 

How many commercial properties, a NRI can acquire in India legally ?

Any number of commercial properties can be acquired by them, as long as they can afford it legally.

 

What are the types of Property can a NRI/PIO purchase in India?

There are no restrictions on the numbers of Residential/Commercial Properties (other than agricultural land/farm house/plantation) that can be purchased.

 

How should the purchase of residential immovable property be paid for by NRI/ PIO under the general permission?

The purchase consideration should be met either out of inward remittance in foreign exchange through normal banking channels, or out of funds from NRE/FCNR(B)/NRO accounts maintained with banks in India.

 

Does any document require to be examined before buying a property?

Before you buy a property, you must get a title and document search properly conducted by hiring a competent advocate. You cannot examine the documents on your own, and thus, professional assistance needs to be taken.

 

Can the properties (residential/commercial) be given on rent if not required for immediate use?

Yes. The Reserve Bank has granted general permission for letting out any immovable property in India.

 
 
 
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