What is the position regarding acquisition of immovable property by NRI?
Consequent to the liberalization in exchange control policy and procedures, certain relaxations in the existing regulations and procedures governing the acquisition holdings, etc. of immovable property in India have been announced. The current position in therefore as under: 1) Non-resident Indians holding Indian passport do not require any permission from RBI for acquiring immovable Property for bonafide residential purpose. 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 Account or out of NRE account or out of FCNR account. 3) RBI has general permissions to non resident Indians holding foreign passport (i.e. Foreign citizens of Indian origin ) to acquire ,hold ,transfer or dispose off by way of sale or inheritance immovable properties situated in india provided:a. The property is for the Purchaser’s bonafide residential purpose.b. The purchase consideration is me
Consequent to the liberalization in exchange control policy and procedures, certain relaxations in the existing regulations and procedures governing the acquisition, holdings, etc. of immovable property in India have been announced. The current position in therefore as under : • Non-resident Indians holding Indian passport do not require any permission from RBI for acquiring immovable property for bonafide residential purposes. • 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 account or NRE account or FCNR account. • RBI has given general permission to non resident Indians holding foreign passport (i.e. foreign citizens of Indian origin) to acquire, hold, transfer or dispose off by way of sale or inheritance immovable properties situated in India provided: a. The property is for the purchaser’s bonafide residential purpose. b. The purchase consideration is met either
