NRI INVESTMENT


NRI - Legal Information

We have a dedicated team for NRI customers as they have unique set of queries/questions when buying property. The team is trained on legal aspects of NRIs buying property. We help you with a reliable, transparent and hassle free transaction and ensure that your money is safe and is in right hands. We have compiled basic legal information to help you buy a house in India. Read through the following points and get in touch with us if you have any more queries.

1) Non-resident Indians holding Indian passport do not require any permission from RBI for acquiring immovable property for bonafide residential purposes.

2) Non-resident Indians holding Indian passport may pay the purchase consideration either by remittance of funds from abroad through normal banking channels or out of NRO/ NRE/ FCNR account.

NRI/PIO/OCI Definition and General Guidelines

Q.1) Who is a NRI?

Non Resident Indian (NRI) is a citizen of India, who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. Non-resident foreign citizens of Indian Origin are treated at par with Non Resident Indian (NRIs).

Q.2) Who is a PIO?

Person of Indian Origin (PIO) (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who

(a) at any time, held Indian passport, or

(b) who or either of whose father or whose grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955

Please refer to the below links for updated information:

♦ Ministry of External Affairs: http://mea.gov.in/

♦ Indian Income tax: http://www.incometaxindia.gov.in/

♦ RBI (NRI FAQ): http://www.rbi.org.in/scripts/faqview.aspx?id=52


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