Articles about Non Resident Indians (NRIs)
Hi all, today we have come up with the rights & entitlements as well as the limitations & restrictions on the acquisition, holding and transferring of immovable property in India by a Non-Resident Indian (NRI)
NRIs and PIOs are permitted to purchase residential and commercial property in India without seeking any prior permission and without any limitations on the number or size of such properties. When purchasing a residential/commercial property, an NRI/PIO can make requisite payments only from funds that have been remitted to India through normal banking channels or from funds held in an NRE/NRO/FCNR (B) account maintained in Click here to read more
Development, Career opportunities draw NRIs
India´s Silicon Valley Bangalore is the fastestgrowing metropolis in the Asian continent. For decades, the city has been widely known all over the world for its cosmopolitan outlook, salubrious climate, and innate desire to respect different cultures. Today, it is a much soughtafter city with NRIs returning to India. Many are keen on making the city their home. The city has evinced so much interest among NRIs of late that even those who have not had the occasion to visit the city have plunged into investments in real estate here. It is most popular among techies and skilled professionals..click here to read more
The Reserve Bank does not determine the residential status.
Acquisition of immovable property in India by persons resident outside India (foreign national) is regulated in terms of section 6 (3) (i) of the Foreign Exchange Management Act (FEMA), 1999 as well as by the regulations contained in the Notification No. FEMA 21/2000-RB dated May 3, 2000, as amended from time to time. Section 2 (v) and Section 2 (w) of FEMA, 1999 defines `person resident in India’ and a `person resident outside India’, respectively. Person resident outside India is categorized as Non- Resident Indian (NRI) or a foreign national of Indian Origin (PIO) or a foreign national of non-Indian origin.
The Reserve Bank 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.
A person resident in India who is not a citizen of India is also covered by the relevant Notifications..click here to read more
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