Q - Who is a Non-Resident Indian (NRI)?
A - A Non Resident Indian (NRI) as per India’s Foreign Exchange Management Act 1999(FEMA), is an Indian citizen or Foreign National of Indian Origin resident outside India for purposes of employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period. An individual will also be considered NRI if her/his stay in India is less than 182 days during the preceding financial year.
Q - Who is a Person of Indian Origin (PIO)?
A - 1. As per the Gazette of India (Part-I, Section-I) published on 09.01.2015, all the existing Persons of Indian Origin (PIO) card holder registered as such under new PIO Card scheme 2002, shall be deemed to be Overseas Citizens of India Cardholder.
2. Again as per the Gazette of India (Part-I, Section-I) published on 30.09.2014, a PIO card issued to an applicant shall be valid for his lifetime, provided such applicant has a valid Passport.
Q - Are NRIs or PIOs allowed to purchase or sell immovable property in India?
A - The NRIs or PIOs are allowed to buy or sell commercial or residential properties in India but are not allowed to buy or sell agricultural land, plantation property or farmhouses.
Q - Do NRIs/Foreign citizens of India need to submit any documents with RBI when purchasing immovable residential property in India?
A - NO. They are not required to submit any documents under general permission.
Q - What mode of payment can an NRI or PIO make to purchase a residential property in India?
A - Under general permission, they can use funds remitted to India through normal banking channel or funds held in their NRE/FCNR/NRO accounts.
Q - Can an NRI give their residential property on rent if not required for immediate use?
A - Yes.