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How do I know if I am a Non Resident Indian (NRI)?
A.
If you are a non-resident of India and are an Indian citizen, you are a NRI. Also, iff you are a non-resident foreign citizen and if you are of Indian origin, you are a NRI.
Under the present rules, your non-resident status, for exchange control purposes, is determined by the purpose of stay abroad. Duration of stay in India is of limited significance. Generally, if you stay abroad because you are employed there, you are a non-resident.
If you stay abroad because you carry on a business or pursue a vocation there,
you are a non-resident.
If you are in a situation where your stay outside India is for an indefinite period, you are a non-resident. If there is any ambiguity regarding the above criteria, for example, if you carry on business in India as well as abroad, you will probably be considered a resident of India if you stay in India for more than one hundred and eighty two days during the course of the preceding financial year
If you are a foreign citizen and want to open bank accounts or invest in Indian shares and securities, you are considered to be of Indian origin if,
1.
You, at any time in your life held an Indian passport, or
2.
You or any one of your parents or any one of your grand parents was a citizen of India, or
3.
You are not of Indian origin but your spouse is an Indian citizen or is a person of Indian origin. (Your bank accounts and investments should be held jointly with your spouse)
If I am a NRI, what happens to my status when I come to India?
A.
You become resident in India only when you come back to India for employment, to carry on business or pursue a vocation. You also become a resident if you return to India to stay for an indefinite period. If you continue to have a business or employment abroad, you will probably be considered a resident of India if you stay in India for more than one hundred and eighty two days during the course of a financial year.
Can a person resident outside India (i.e. a NRI or a PIO or a foreign national of non-Indian origin) acquire agricultural land/plantation property/farm house in India by way of purchase?
A.
No. A person resident outside India cannot acquire by way of purchase agricultural land/plantation property/farm house in India.
Can Non-resident Indians purchase property in India through an agent or through the Power of Attorney?
A.
The non-resident Indians who are staying abroad may give authority to their relatives/ agents by executing Power of Attorney in their favour as it is not possible for them to be present for completing the formalities of purchase (negotiating with the builder or developer, drafting and signing of agreements, taking possession, etc.). Power of Attorney should be executed on the stamp paper before the proper authorities in foreign countries. Power of Attorney cannot be prepared on the stamp paper bought in India.
Are foreign nationals of Indian origin allowed to purchase immovable property in India?
A.
Yes, foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India
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
Can NRI/ PIO rent out their immovable property in India?
A.
Yes. The NRIs/ PIOs can freely rent out their immovable property in India without seeking any permission from the Reserve Bank. The rental income being a current account transaction is freely reparable outside India.
Are there any formalities to be completed by foreign nationals of Indian origin for purchasing residential immovable property in India?
A.
They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Bombay within a period of 90 days from the date of purchase of immovable property.
