Can foreign nationals of non-Indian origin resident in India or outside India who had earlier acquired immovable property under FERA with specific app
Question: Can foreign nationals of non-Indian origin resident in India or outside India who had earlier acquired immovable property under FERA with specific approval of the RBI continue to hold the same? Can they transfer such property?
Raju Kanumuri: Yes, they may continue to hold the immovable property under holding license obtained from the Reserve Bank. However, they can transfer the property only with the prior approval of the Reserve Bank.
Q: Can the name of foreign national or non-Indian origin be added as a shareholder to a residential or commercial property purchased by NRI/PIO?
A: No, you cannot add the name of foreign national or Indian origin as a shareholder to a residential or commercial property purchased by NRI/PIO
Q: What way non-resident Indian can finance the flat?
A: The purchase of the flats can be financed from the fresh remittance through the normal banking channels or from payment from the original non-resident account or from Non-resident (External)...
Q: What should be the method of payment for purchasing residential immovable property in India by foreign nationals of Indian origin under the general permission?
A: The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/ FCNR accounts maintained with banks in India.
Q: If non-resident Indian nationals are staying abroad can the property be purchased through the agent or through the POA?
A: The non-resident Indians who are staying abroad may enter into an agreement through their relatives and/ or by executing the Power of Attorney in their favour as it is not possible for them to be...
Q: Can OCI holders open PPF account in India?
A: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on...
Q: What are the step by step instructions to replace lost OCI card?
A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can i repatriate funds in the NRI account?
A: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest...
Q: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.