Do the non-resident Indians require permission from the Reserve Bank of India for the purchase of immovable property in India?
The Non-resident Indians can be broadly divided into two parts: non-residents who are Indian citizens and Non-residents of Indian origin holding foreign passport. Non-residents who are Indian citizens do not require any permission from the Reserve Bank of India for the purchase of immovable property in India provided the purchase considerations are settled in the manner which does not violate foreign exchange regulations in India. Non-residents of Indian origin holding foreign passports require filing of appropriate declaration with the Reserve Bank of India.
Related Questions
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