Who is an NRI (Non-Resident Indian)?
A Non Resident Indian is a citizen of India who holds an Indian passport but for employment or other vocational reasons stays in another country for six months or more for work, residence or any other purpose. Other terms with vaguely the same meaning are overseas Indian and expatriate Indian.
Who all can be entitled as a Person of Indian Origin?
Person of Indian Origin are natives who are citizens of a foreign country, who was born in India or whose father and ancestors were of Indian origin.
What are Overseas Corporate Bodies?
These are the organizations largely owned by people who are Indian citizen or of Indian origin but reside outside India. They include overseas companies, corporate bodies and partnership firms owned mostly by the Indian citizens or people of Indian origin. In these firms or organizations, three-fourth of the interest is owned by Indian citizens or people of Indian origin.
Is it possible for non-resident Indians and overseas corporate bodies to invest in India?
Yes, it is possible for NRIs and overseas corporate bodies nonetheless through the RBI and Government method, which includes, Foreign Investment Promotion Board (FIPB). These Individuals and bodies can invest up-to 100 percent equity in Indian real estate and civil aviation sectors. Their investment in India is fully repairable except in case of real estate that has 3 years lock-in period on original investment along with 16 percent cap on dividend repatriation.
What is the procedure of payment for a residential property, for foreign citizens?
Payments can be made either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts in Indian Bank.
How many commercial properties, an NRI can acquire in India legally?
Any number of commercial properties can be acquired by them, as long as they can afford it legally.
Are foreign citizens of Indian origin allowed to acquire an immovable property through inheritance?
Yes, they can do.
Are residents of Indian origin allowed to send remittances of their owned/inherited assets in India, outside India?
Yes, they can do so through approved banking channels however, after submitting their remittance forms to RBI. The maximum limit of sending remittances is US$ 100,000 a year.