By
Foreign
Citizens of
Indian
Origin
Under
the general
permission
to NRIs
holding a
foreign
passport,
the RBI has
allowed them
to acquire,
hold,
transfer or
dispose off
by way of
sale or
inheritance,
immovable
properties
situated in
India.
The
general
permission
has been
granted
provided:
-
The
property
is for
the
purchaser's
bona
fide
residential
use;
- The
purchase
consideration
is met
either
by
remittance
from
funds
abroad
through
normal
banking
channels
or out
of
NRE/FCNR.
- Income
accruing
by way
of rent
from the
properties
purchased
or
acquired
by
inheritance
will not
be
allowed
to be
repatriated
abroad
even if
the
purchase
consideration
was met
out of
NRE/FCNR
account.
It is
however,
necessary
for foreign
citizens of
Indian
origin to
declare such
property to
RBI within a
period of 90
days from
the date of
purchase in
the
prescribed
IPI 7 to the
Chief
General
Manager,
Exchange
Control
Department,
Foreign
Investment
Division,
Central
Office
Department,
Foreign
Investment
Division,
Central
Office, RBI
Bombay.
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