Do non-resident Indian citizens require permission of Reserve Bank to acquire residential/commercial properly in India?
• No. • Do foreign citizens of Indian origin require permission of Reserve Bank to purchase immovable property in India for their residential use? • Yes. However, Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are,therefore,not required to obtain separate permission of Reserve Bank. • In what manner the purchase consideration for the residential immovable property should be paid by foreign citizens of Indian origin under the general permission? • The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NTE/FCNR accounts maintained with banks in India. • What are the formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission. • They are required
Related Questions
- Do non-resident Indian citizens require permission of the Reserve Bank of India (RBI) to acquire residential/commercial property in India?
- Do non-resident Indian citizens require permission of Reserve Bank to acquire residential / commercial properly in India?
- Do non-resident Indian citizens require permission of Reserve Bank to acquire residential/commercial properly in India?
