An Indian citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organizations and officials deputed abroad by Central/State Governments and the Public Non-resident foreign citizens of Indian origin are treated on par with non-resident Indian citizens (NRIs).

Person of Indian Origin has been defined in section 2(c) of Foreign Exchange Management (Acquisition and Transfer of immovable property in India) regulations 2000. 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).

Guwahati is the most thriving city in the NE now.

Reserve Bank has accorded general permission to purchase only a residential/commercial property in India to an NRI/ a PIO. No forms or returns are required to be submitted to Reserve Bank after the purchase of one such property. Neither there is any restriction on the number of residential/commercial properties that NRI/PIO can purchase under the general permission available.

An NRI or a PIO is free to rent out their immovable property in India without permission from RBI,, The rental income received by such rent out shall be regarded as a current account transaction and hence is freely repatriable outside India, subject to payment of applicable taxes.
In this connection, it may be noted that even a person being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, or Bhutan can acquire or transfer property in India on Lease not exceeding 5 years, without prior permission from RBI.

The rental income received by such rent out being a current account transaction can be repatriated abroad or credited to repatriable non-resident accounts, subject to payment of applicable taxes.

NRIs are free to purchase immovable properties out of NRO accounts. But there is a restriction upon repatriating the sale proceeds of such properties, NRIs can repatriate sale proceeds up to USD 1 million out of the NRO account for property held for more than 10 years.

India is fully convertible on the current account and partial on the capital account. Remittance of sale proceeds is limited to the cost of the property only, and the amount of gain on the sale of property, cannot be repatriated.

RBI has granted general permission to Authorized dealers, and Housing Finance Institutions (e.g. HDFC, LIC Housing Finance Ltd.) approved by the National Housing Bank to lend NR Indian citizens to buy residential property for self-occupation subject to certain terms and conditions.
RBI has also vide its Circular No.95, dated 26th April 2003, grated authorized dealers or housing finance institutions in India approved by the National Housing Bank to grant housing loans to NRIs/ PIOs in rupees for renovation/ repairs/ improvement to residential accommodation owned by them.

An NRI can borrow against the security of immovable property from an authorized Dealer subject to the following conditions:

1. a) the loan should be used for meeting personal requirements or for borrower’s own business purposes; and
2. b) loan should not be used for prohibited activities, namely;
3. i) business of chit fund, or
4. ii) Nidhi Company, or

iii) Agricultural or plantation activities or in real estate businesses, or construction of farm houses, or

1. iv) Trading in transferable development rights (TDRs),
2. c) The loan amount cannot be remitted outside India.
3. d) Repayment of loan shall be made out of remittances from abroad or by debit to NRE/FCNR/NRO/NRSR/NRNR account or out of the sale

proceeds of shares or securities or immovable property against which such loan was granted.

No. Under section 2(z)(e) of the Foreign exchange Management Act, 1999 transfer includes among others, purchase. Therefore, a foreign national of non-Indian origin resident outside India cannot acquire any immovable property in India by way of purchase. Neither can a name of a foreign national of non-Indian origin be added as a joint holder to a residential/commercial property purchased by NRI/PIO.

However, a foreign national of non-Indian origin including a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan may acquire only residential accommodation on lease, not exceeding five years for which he/she does not require prior permission of Reserve Bank of India.

Yes, A foreign national of non-Indian origin resident outside India can transfer, by way of sale, agricultural land/ plantation property/farm house acquired in India, but for that, he would need to seek prior approval from Reserve Bank.

Under the general permission available NRI/PIO may purchase residential/ commercial property in India only out of funds remitted to India through normal banking channels or funds held in his NRE/FCNR(B)/NRO account. No consideration shall be paid outside India.

Under the general permission available NRI/PIO may purchase residential/ commercial property in India only out of funds remitted to India through normal banking channels or funds held in his NRE/FCNR(B)/NRO account. No consideration shall be paid outside India.

Yes. Loan repayment in foreign currency is treated as equivalent to the foreign exchange received for the purchase of residential accommodation.

No lock-in period is applicable for the sale of such property.

Repatriation of sale proceeds of properties so acquired can not be done for more than two residential properties.

The sale proceeds of residential/commercial property received by way of gift by NRI/PIO can be credited.

On winding up of the business such property may be disposed of and such sale proceeds may be repatriated with prior approval of the Reserve Bank.

Such an amount may be remitted abroad provided such property was held for a period not less than ten years.

A person resident in India means a person residing in India for more than one hundred eighty-two days during the course of the preceding financial year and who has come to or stays in India either for taking up employment, carrying on business or vocation in India or for any other purpose, that would indicate his intention to stay in India for an uncertain period.

No, he does t require any approval from Reserve Bank however, approvals may be required in terms of regulations prescribed by other authorities and will have to be obtained.