Do NRIs require prior approval of RBI for maintaining bank accounts in India
Question: Do NRIs require prior approval of RBI for maintaining bank accounts in India?
Raju Kanumuri: NO, an NRI doesn't need any prior approval from RBI for maintaining bank accounts in India.
Q: What way an NRI 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 NRI account or from NRE accounts. When the flat is under...
Q: Do NRI require permission to transfer any immovable property in India to a person resident in India?
A: No specific permission is required by NRI to transfer any immovable property in India to a person resident in India.
Q: How should the purchase consideration for acquiring immovable property in India, be met?
A: The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRI maintained with banks in India.
Q: What is the position regarding the refund of the purchase consideration on account of non-allotment of flats/ plots/ cancellation of bookings/ deals in respect of immovable property purchased by NRI in India
A: With a view to credit to NRE/FCNR account of refund of purchase considerations by the seller on account of cancellation of bookings for purchase of residential, commercial property, RBI clarified...
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.