Yes. However, Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable properties in India for their bona fide residential purpose. They are, therefore, not required to obtain separate permission of Reserve Bank.
They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.
Yes. Reserve Bank has granted general permission for sale of such property. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.
In respect of residential properties purchased on or after 26th May, 1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds if any or sale proceeds in respect of properties purchased prior to 26th May, 1993, will have to be credited to the ordinary non-resident rupee account of the owner of the property.
Applications for repatriation of sale proceeds are considered when the sale takes place after three years from the date of final purchase deed or from the date of payment of final installment of consideration amount, whichever is later.
Yes. Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose the residential properties in India up to two houses by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin.
Yes. Accounts can be maintained by NRIs in rupees as well as in foreign currency. Accounts in foreign currencies can, however, be maintained with authorities dealers only.
