Investments

No.

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.

The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels, or out of funds from NRE/FCNR accounts maintained with banks in India.

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 the 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 26/05/1993, 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 26/05/1993, 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 provided the sale takes place after 3 years from the date of final purchase deed or from the date of payment of the final instalment of the consideration amount, whichever is later.

Applications for necessary permission for remittance of sale proceeds should be made in form IPI 8 to the Central Office of Reserve Bank at Mumbai within 90 days of the sale of the property.

Yes. Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose of properties up to 2 houses by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin whether resident in India or not, provided gift tax has been paid.

Yes. Under the general permission granted by Reserve Bank properties other than agricultural land/farmhouse/plantation property can be acquired by foreign citizens of Indian origin, provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with banks in India, and a declaration is submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.

Yes.

Yes. Repatriation of the original investment in respect of properties purchased by foreign citizens of Indian origin on or after 26/05/1993 will be allowed to be remitted up to the consideration amount originally remitted from abroad, provided the property is sold after a period of 3 years from the date of payment of the final instalment of the consideration amount, whichever is later. Applications for the purpose are required to be made to the Central Office of Reserve Bank within 90 days of the sale of property in form IPI 8.

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.

Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc. to grant housing loans to NRIs for acquisition of a house/flat for self-occupation subject to certain conditions.

Authorised dealers have been granted permission to grant loans to NRIs for acquisition of house/flat for self-occupation on their return to India subject to certain conditions. Repayment of loan should be made within a period, not exceeding 15 years out of inward remittance through banking channels, or out of funds held in the investor's NRE/FCNR/NRO accounts.

Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passport subject to certain conditions.