nri

You are no more a 'Non-Resident'.

At Radius, we aim to help you resolve all your concerns and doubts surrounding your investment in India.

Who is an NRI?

An Indian citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian origin are treated at par with non- resident Indian citizens (NRIs).

Who is a PIO?

A Person of Indian Origin (PIO) means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who:
• held an Indian Passport at any time, or
• who or whose father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955

For further enquiries kindly refer to the relevant website links below of Reserve Bank of India for the guidelines covering such investments. Kindly note that the guidelines prescribed below are subject to amendments and modifications as may be decided by Reserve Bank of India from time to time.

Who can determine whether a person is a resident of India or not?

Reserve Bank of India does not determine the residential status. Under FEMA, residential status is determined by operation of law. The onus is on an individual to prove his / her residential status, if questioned by any authority.

What kind of immovable property can be purchased?

The general permission for purchasing the immovable property covers
• Purchase of residential and commercial property
• Does not extend to purchase of agricultural land/ plantation property/ farm house in India.
Proposals for purchase of such property would require specific approval of the RBI considered in consultation with the Government of India.

What formalities are to be met before making a purchase?

FEMA stipulates that before making a purchase, form IPI 7 needs to be filed with the central office of RBI along with the title deed or any other certified copy of the document proving that the NRI has executed an agreement to purchase property within the country. The form has to be filed within 90 days of the purchase of property and has to be accompanied with a bank certificate stating the consideration paid for the purchase. Permissions are generally granted without undue delays if all the relevant papers are submitted.

Is it required to file any documents with Reserve Bank of India after purchase?

NO. An NRI/ PIO, who has purchased residential and/ or commercial property under general permission, is not required to file any documents with the RBI.

Can a foreign national of non-Indian origin, residing outside India purchase immovable property in India?

NO. A foreign national of non-Indian origin can only take residential accommodation on lease, provided the period of lease does not exceed five years. In such cases, there is no need of taking permission from, or reporting to the RBI.

Can a foreign national who is a resident of India as per the provisions of Section 2(v) (i) B of the FEMA, 1999 purchase immovable property in India?

YES. Approvals from concerned state governments would have to be obtained and requirements of other authorities fulfilled.
A foreign national resident in India who is a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan would require prior approval of the RBI, considered in consultation with the Government of India.

http://www.rbi.org.in/scripts/faqview.aspx?id=52

http://mea.gov.in/

Disclaimer: Buyer or seller of property in India must consult his/her own legal/finance/tax advisor and obtain suitable advice for their specific transaction. Radius assumes no responsibility or legal liability for transactions entered into by placing reliance on these FAQs. These guidelines are subject to amendment by the regulatory authority. Radius assumes no responsibility for updating these FAQs.

 

 

 

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