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NRI Overview

Who is an NRI (non-resident Indian)?

Anyone who is an Indian citizen by birth but for employment or other vocational reasons stays outside India for an indefinite period time can be called as an NRI.

Who all can be called a Person of Indian Origin?

Person-of-Indian Origin can be people who are citizens of a foreign country, but who was born in India or whose father and forefathers were of Indian origin.

What are Overseas Corporate Bodies?

These are bodies largely owned by people who are an Indian citizen or of Indian origin but reside outside India. They include overseas companies, corporate bodies and partnership firms owned mostly by the Indian citizens or people of Indian origin. In these bodies, three-fourth of the interest is owned by Indian citizens or people of Indian origin.

Is it possible for non-resident Indians and Overseas Corporate Bodies to invest in India?

Yes, it is possible for them however, through the RBI and Government way which includes, Foreign Investment Promotion Board (FIPB). These Individuals and bodies can invest up to 100% equity in Indian real estate and civil aviation sectors. Their investment in India is fully repatriable except in case of real estate which has 3 years lock-in period on original investment along with 16% cap on dividend repatriation.

What is the procedure of payment for a residential property, for foreign citizens?

Payments can be made either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts in Indian banks.

How many commercial properties, a NRI can acquire in India legally?

Any number of commercial properties can be acquired by them, as long as they can afford it legally.

Are residents of Indian origin allowed to send remittances of their owned/inherited assets in India, outside India?

Yes, they can do so through approved banking channels however, after submitting their remittance forms to Reserve Bank of India. Maximum limit of sending remittances is US$ 100,000 a year.