For your convenience, we have solved some of the queries that may help you gain the relevant information:
1. What is the classification of Non Resident Indians (NRI)?
Non-resident Indians (NRIs) are categorized as:
(i) Indian citizens who stay abroad for employment or for carrying on any business or vocation or for any other purpose in circumstances indicating an indefinite period of stay outside India.
(ii) Indian citizens working abroad on assignments with foreign Government, Government agencies or international/multinational agencies like United Nations Organization (UNO), International Monetary Fund (IMF), World Bank (IBRD), etc.
(iii) Officials of Central and State Government and public sector undertaking deputed abroad on assignments with foreign Governments/agencies/ organizations or posted to their own offices (including Indian Diplomatic Missions ) abroad.
2. Who is referred to as a Person of Indian Origin (PIO)?
For the purpose of investment in real estate in India, a PIO means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who
(i)at any time, held Indian passport; or.
(ii) who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
3. To whom General permission is available regarding the purchase of immovable property in India?
General Permission is available to a person resident outside India who is a citizen of India (NRI) and who is a Person of Indian Origin (PIO) to purchase only a residential/commercial property in India
4. Is there any requirement to file the documents with Reserve bank of India?
NRI/PIO who has purchased residential/commercial property under general permission is not required to file any documents with the RBI.
5. Can a foreign national of non-Indian origin resident outside India acquire any immovable property in India by way of purchase?
No, a foreign national of non-Indian origin resident outside India cannot acquire any immovable property in India by way of purchase.