Que. Who is a Non-Resident Indian (NRI)?
Ans. 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.. Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens (NRIs).
Que. Who is a person of Indian Origin?
Ans. For investments in immovable properties : A foreign citizen other than a citizen of Pakistan, Bangladesh, Sri Lanka or Nepal), Is deemed to be of Indian origin if, (a) He/ She, At any time, held an Indian passport (b) He/ She or either of his/her parents or any of his grand parents was a citizen by virtue of the constitution of India or citizenship act, 1995 (57 of 1955).
Que. Do foreign citizens of Indian origin require permission of Reserve Bank to purchase immovable property in India for their residential use?
Ans. Yes. However, Reserve Bank has granted general permission to foreign citizens of Indian origin whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are therefore, not required to obtain separate permission of Reserve Bank.
Que.Can the properties (residential/commercial) be given on rent if not required for immediate use?
Ans. Yes. Reserve Bank has granted general permission for letting out any immovable property in India. The rental income or proceeds of any investment of such income has to be credited to NRO account..
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