PURCHASE OF I M M O VA B L E PROPERTY IN INDIA BY NRIs AND PIOs

In terms of Regulations 3 and 4 of the Notification ibid, Indian citizen residing outside India and Persons of Indian Origin (POIs) can acquire immovable property in India other than agricultural property, plantation or a farmhouse. It is clarified that the payment for such acquisition shall be made out of following ways:-

•  funds received in India through normal banking channels by way of inward remittance from any place outside India , or
•  funds held in any non-resident account maintained in accordance with the provisions of the Foreign Exchange Management Act, 1999 and the regulations made by Reserve Bank of India from time to time.