NRI Corner

Who is a Non Resident Indian (NRI)?

According to the Foreign Exchange Management Act (FEMA) of 1999, an Indian Citizen who stays abroad for employment/business or stays outside the country for an indefinite period of time is considered to be an NRI. (Persons Posted in U.N. organisations and official deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as nonresidents). Non-resident foreign citizens of Indian Origin are treated on par with non- resident Indian citizen (NRIs).

Who is a Person of Indian Origin (PIO)?
Can an NRI/ Foreign national acquire immovable residential property in India?
Do NRIs/ Foreign citizens of India need to submit any documents with RBI when purchasing immovable residential property in India?
Are there any restrictions on the number of residential property that an NRI/PIO can purchase?
Can an NRI transfer his residential property by way of sale?
Can a PIO transfer his residential property by way of sale?
Can an NRI/PIO transfer his residential property by way of gift?
What mode of payment can an NRI/PIO make to purchase a residential property in India?
Can NRIs obtain loans for acquisition of a house /flat for residential purpose from authorised dealers/ financial institutions providing housing finance?
What are the formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission?
Can an NRI give their residential property on rent if not required for immediate use?
Can NRIs / PIOs repatriate outside India the sale proceeds of immovable property held in India?
Can an NRI/PIO repatriate the proceeds in case the sale proceeds were deposited in the NRO account?