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Non-Resident Indians -NRI REGULATIONS

Investment in Immovable Property In India :

section 3.1 of FERA generally governs the matters relating to immovable properties and the work relating to permissions for purchase etc. of immovable properties is centralised in the Foreign Investment Division at Central Office of Reserve Bank of India at Mumbai.

Investment in Immovable Property In India :

Foreign Citizen				Indian Citizen
Indian Origin		Non-Indian Origin		Resident	Non-Resident
Investment made from local funds	Investment made from foreign funds	Investment made from local funds	Investment made from foreign funds	No Approval is required under FERA	Investment made from local funds	Investment made from foreign funds
Prior RBI permission required	Prior permission of RBI not required	Permission generally not given by RBI	Prior permission from RBI required	-	No approval necessary under FERA	Declaration in form IPI-7 necessary if repatriation facility required
Application in form IPI-1	Declaration in form IPI-7	-	Application in form IPI-1	-	-	-
No repatriation of sale proceeds	Repatriation of original investment allowed after 3 years on applying to RBI in form IPI-B	-	No repatriation of sale proceeds	-	-	Repatriation of original investment allowed on applying to RBI in form IPI-8

Foreign Citizens (regardless of Residence):

Of Indian Origin.
Of Non-Indian Origin.

Foreign citizens of Indian origin

For foreign citizens of Indian origin, different procedures have been laid down depending on :

a) Whether they invest their money in the form of Foreign Currency remitted from abroad through normal banking channels or from funds withdrawn from the NRE/FCNR accounts, or

b) From local funds in Rupees.