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What mode of payment is permissible, for purchase of residential/ commercial property in India by NRI/PIO, under general permission?

April 26, 2017Commercial India mode NRI payment permissible PIO Property purchase Residential

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What mode of payment is permissible, for purchase of residential/ commercial property in India by NRI/PIO, under general permission?

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Ans. Under the general permission available NRI/PIO may purchase residential/ commercial property in India only out of funds remitted to India through normal banking channel or funds held in his NRE/FCNR(B)/NRO account. No consideration shall be paid outside India.