Who is a person of Indian Origin?
Question: Who is a person of Indian Origin?
Raju Kanumuri: For the purposes of Availing of the facilities of opening and maintenance of bank accounts and investments in shares/securities in India: A foreign citizen (other than a citizen of Pakistan or Bangladesh)is deemed to be of Indian origin, if, he, at any time, held an Indian passport, or he or either of his parents or any of his grand parents was a citizen of India by virtue of the Constitution of India or citizenship Act, 1955 (57 of 1955).
Note : A spouse (non being a citizen of Pakistan or Bangladesh) of an Indian citizen or of a person of Indian origin is also treated as a person of Indian origin for the above purposes provided the bank accounts are opened or investments in shares/securities in India are made by such persons only jointly with their NRI spouses.
For investments in immovable properties: A foreign citizen (other than a citizen of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Napal), is deemed to be of Indian origin if he held an Indian passport at any time or he or his father or paternal grand-father was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
Source : Reserve Bank Of India
Q: Can a foreign national of non-Indian origin resident outside India purchase immovable property in India?
A: No. A foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India unless such property is acquired by way of inheritance from a person who was...
Q: How can NRI make payment for the purchase of residential property in India?
A: 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...
Q: If a rupee loan was taken by the NRI from an authorized dealer or housing finance institution for the purchase of a residential property can the NRI repatriate the sale proceeds of such property?
A: Yes, Authorised Dealers have been authorised to allow repatriation of sale proceeds of residential accommodation purchased by NRIs/ PIOs out of funds raised by them by way of loans from the...
Q: Can foreign embassies sell immovable property in India?
A: In terms of Regulation 5A of the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations 2000, Foreign Embassies/ Diplomats/ Consulates General may...
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.