Que: What are the various facilities available
to NRIs/OCBs?
A: NRIs/OCBs are granted the following
facilities :
Maintenance of bank accounts in India.
Investments in securities/shares of, and deposits with,
Indian firms/companies.
Investments in immovable properties in India.
INVESTMENT IN IMMOVABLE PROPERTY
Que: Do non-resident Indian citizens
require permission of Reserve Bank to acquire residential/commercial
property in India?
A: No. An Indian citizen
resident outside India does not require any permission to
acquire any immovable property in India other than agriculteral/plantation
property or a farm house. However 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.
Que: Do foreign citizens of Indian
origin require permission of Reserve Bank to purchase immovable property
in India for their residential use?
A: Reserve Bank has
granted general permission to foreign citizens of Indian
origin, whether resident in India or abroad, to purchase
immovable property other than agriculteral land/farm house/plantation
property, in India. They are, therefore, not required to
obtain separate permission of Reserve Bank or file any declaration.
Que: In what manner the purchase
consideration for the immovable property should be paid by
foreign citizens of Indian origin under the general permission?
A: The purchase consideration
should be met either out of inward remittances in foreign
exchange through normal banking channels or out of funds
from any non resident accounts maintained with banks in
India.
Que: Can such
property be sold without the permission of Reserve Bank?
A: Yes. Reserve Bank
has granted general permission for sale of such property.
However, where the property is purchased by another foreign
citizen of Indian origin, funds towards the purchase consideration
should either be remitted to India or paid out of balances
in non-resident accounts maintained with banks in India.
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