How can NRI make payment for the purchase of residential property in India

Question: How can NRI make payment for the purchase of residential property in India?

Answer(s)

Raju Kanumuri: Payment can be made by NRI / PIO out of:

* Funds remitted to India through normal banking channels or
* Funds held in NRE / FCNR (B) / NRO account maintained in India
* No payment can be made either by traveller's cheque or by foreign currency notes or by another mode except those specifically mentioned above.

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