Investment by a Non-Resident Indian (NRI) in Plantation firm.
This query is : Resolved
M Balakrishna Achar
(Querist)
25 May 2024
One of my coffee plantation firm client, desires to admit an Indian origin, American citizen, NRI as a partner. The firm owns a coffee plantation in Hassan district and carries on the business of growing coffee, pepper and other agricultural produces. The NRI holds an Aadhar Card and a NRO bank account. Our query:
01. A NRI (Non-Indian Citizen) but Indian origin can become a partner in a partnership firm owing coffee plantation and growing coffee, pepper and other agricultural produces?
The NRI is investing from his NRO account.
01. A NRI (Non-Indian Citizen) but Indian origin can become a partner in a partnership firm owing coffee plantation and growing coffee, pepper and other agricultural produces?
The NRI is investing from his NRO account.
CA R SEETHARAMAN
(Expert)
25 May 2024
Agricultural-land or plantation property or farmhouses cannot be purchased in India by either NRIs or OCIs without special permission from the Reserve Bank of India.
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