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.
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Ans.III
The purchase consideration should be met either out of
inward remittances in foreign exchange through normal banking channels or out of funds
from NTE/FCNR accounts maintained with banks in India.
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Ans.IV
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 alongwith a
certified copy of the document evidencing the transaction and bank certificate regarding
the consideration paid.
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Ans.V
Yes. Reserve Bank has granted general permission for 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.
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Ans.VI
In respect of residential properties purchased on or
after 26th May,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 26th May,1993, will have to be
credited to the ordinary non-resident rupee account of the owner of the property.
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Ans.VII
Applications for repatriation of sale proceeds are
considered provided the sale takes place after three years from the date of final purchase
deed or from the date of payment of final instalment of consideration amount, whichever is
later.
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Ans.VIII
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.
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Ans.IX
Yes. Reserve Bank has granted general permission to
foreign citizens of Indian origin to acquire or dispose of properties up to two 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.
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Yes. Under the general permission granted by Reserve Bank
properties other than agricultural land/farm house/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 purchasers' 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.
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Yes.
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Yes. Repatriation of original investment in respect of
properties purchased by foreign citizens of Indian origin on or after 26th May 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 three years from the date of the final
purchase deed or from the date of payment of final instalment of 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.
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Yes. Reserve Bank has granted general permission for
letting out of any immovable property in India. The rental income or proceeds of any
investment of such income has to be credited to NRO account.
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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 non-resident Indian nationals for acquisition of houses/flats
for self-occupation subject to certain conditions.
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Authorized dealers have been granted permission to grant
loans up to non-resident Indian nationals for acquisition of house/flat for
self-occupation on their return to India subject to certain conditions. Repayment of the
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 investments' NRE/FCNR accounts.
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Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passport subject to certain conditions.