What are the formalities required to be completed by Foreign Nationals of Indian origin for purchasing residential immovable property in India under the general permission?
They are required to file a declaration in Form IPI 7 with the central office of the Reserv Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the trasaction and bank certificate regarding the consideration paid,
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