Do NRIs require permission of Reserve Bank to transfer immovable property in India?
Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property other than agricultural land/farm house/plantation property, in India. They are, therefore, not required to obtain separate permission of Reserve Bank or file any declaration.
No. NRI’s do not require any permission to transfer any immovable property in India. Permission is required only in the case of transfering of agricultural or plantation property or farm house to another citizen of India NRI or PIO. • Do PIO’s require permission of Reserve Bank to purchase immovable property in India for their residential use? Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property other than agricultural land/farm house/plantation property, in India. They are, therefore, not required to obtain separate permission of Reserve Bank or file any declaration. • In what manner the purchase consideration for the immovable property should be paid by PIO’s 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 any non resident accounts maintained with banks in India
