Can a PIO transfer by way of sale his residential or commercial property to a NRI of a PIO?
A. No. He would need to seek Reserve Bank prior approval for transfer by way of sale residential or commercial property in India to NRI or a PIO. Q17. Can a foreign national of non-Indian origin whether resident in India or outside India transfer by way of sale residential property in India acquired with the specific permission of Reserve Bank to a person resident in India or outside India? A. No. A foreign national of non-Indian origin whether resident in India or outside India would need to seek prior approval of Reserve Bank for transfer by way of sale residential property in India acquire with specific permission of Reserve Bank to a person resident in India or outside India.
