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Ques. Do non-resident Indian nationals require permission
Ans. No permission is required by non-resident Indian nationals to acquire immovable Property in India.
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Ques. Are foreign nationals of Indian origin allowed
Ans. Yes, foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India
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Ques. What should be the method of payment for purchase
Ans. The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/ FCNR accounts maintained with banks in India
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Ques. What way the Non-resident Indian can finance th
Ans. The purchase of the flats can be financed from the fresh remittance through the normal banking channels or from payment from original non-resident account or from Non-resident (External) Accounts. When the flat is under construction, it may be p
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Ques. Non-resident Indians are staying abroad can the
Ans. The non-resident Indians who are staying abroad may enter into an agreement through their relatives and/ or by executing the Power of Attorney in their favour as it is not possible for them to be present for completing the formalities of purchase
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Ques. Are there any formalities to be completed by fo
Ans. They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Bombay within a period of 90 days from the date of purchase of immovable property.
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Ques. Can such residential property be given on rent
Ans. Yes.
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Ques. Can the rental income from such property be rem
Ans. No. Such income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property.
Question Answers Regarding Exchange Control Regulations in Respect of NRI investment in movable p
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Ques. Do non-resident Indians i.e. Indian citizens re
Ans. No specific permission is required by non-resident Indian nationals to acquire immovable Property in India other than agricultural/ plantation/ farmhouse.
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Ques. Do non-resident Indians require permission to t
Ans. No specific permission is required by Non-resident Indians to transfer any immovable property in India to a person resident in India.
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Ques. Do non-resident Indians require permission to t
Ans. No specific permission is required for said transfer of any immovable property, other than agricultural, or plantation property or farm house.
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Ques. What is the position in respect of a person of
Ans. A PIO does not require any specific permission to acquire any immovable property other than agricultural land/ farm house/ plantation property in India by purchase, from out of funds:
received in India by way of inward remittance through banki
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Ques. How should the purchase consideration for acqui
Ans. The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from Non-resident accounts maintained with banks in India
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Ques. What way the Non-resident Indians can finance t
Ans. The purchase of the flats can be financed from the fresh remittance through the normal banking channels orfrom payment from non-resident accounts. When the flat is under construction, it may be possible to getinstalment facilities from the build
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Ques. Can Non-resident Indians purchase property in I
Ans. The non-resident Indians who are staying abroad may give authority to their relatives/ agents by executing Power of Attorney in their favour as it is not possible for them to be present for completing the formalities of purchase (negotiating wit
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Ques. What are the provisions for remittance of sale o
Ans. Repatriation outside India, including credit to RFC, NRE or FCNR account, of sale proceeds of any immovable property situated in India, requires prior permission of the Reserve Bank except in the following circumstances:
In the event of sale
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Ques. What is the position regarding Refund of purchase
Ans. With a view to allow credit to NRE/ FCNR account of refund of purchase consideration by seller on account of cancellation of bookings/ deals for purchase of residential, commercial property, Reserve Bank clarified that it will be in order for au
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Ques. Can NRI/ PIO rent out their immovable property
Ans. Yes. The NRIs/ PIOs can freely rent out their immovable property in India without seeking any permission from the Reserve Bank. The rental income being a current account transaction is freely repatriable outside India.
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Ques. Where can one contact with RBI for clarification df
Ans. The Chief General Manager, Reserve Bank of India, Central Office, Exchange control Department, Foreign Investment Division (III), Mumbai - 400 001.
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