Can a PIO transfer by way of sale his residential / commercial property to a NRI or a PIO ?
A. No. He would need to seek Reserve Banks prior approval for transfer by way of sale residential / commercial property in India to a NRI or a PIO. Q. Can a foreign national of Non-Indian origin whether resident in India or outside India transfer by way of sale residential property in India acquired with the specific permission of Reserve Bank to a person resident in India or outside India ? A. No. A foreign national of non-Indian origin whether resident in India or outside India would need to seek prior approval of Reserve Bank for transfer by way of sale residential property in India acquire with the specific permission of Reserve Bank to a person resident in India or outside India.
