The Foreign Exchange Management Act (FEMA) of 1999 states that an Indian Citizen who stays abroad for employment/business or stays outside the country for an indefinite period of time is considered to be an NRI. Non-resident foreign citizens of Indian Origin are considered on par with non- resident Indian citizen (NRIs).
PIO is a person of Indian origin whose ancestors were born in India and he/she has an Indian ancestry but not an Indian citizenship. As per the FEMA of 1999, a person of Indian origin can avail bank accounts, invest in shares and securities in India.
An NRI/PIO can acquire a residential property in India by purchasing it or by a way of gift from an Indian, NRI/PIO or purchase it according to the RBI guide lines. As per the Provisions of Section 6(5) of the FEMA, 1999, NRI/PIO can even acquire residential property by way of inheritance from a person who is a resident of India.
Yes, to an Indian resident/ NRI / PIO.
Authorised dealers to grant housing loans to NRIs for acquiring a house/flat for personal use but subject to certain conditions as guidelines of Reserve Bank of India. The major financial institutions providing housing finance are HDFC, LIC Housing Finance Ltd. and many more.
NRIs and PIOs are required to file a declaration in a form IPI 7 with the Central Office of Reserve Bank at Mumbai (within a period of 90 days) from the date of purchase of the property or final payment of the purchase.
Yes. The rental income or proceeds of any investment of such income are eligible for repatriation.