Permission from rbi for purchase immovable property...

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2014 How A foreign National non- Origin india can get permission from RBI to purchase immovable property in india........

Please suggest me steps(Procedural Steps) regarding above Query???????

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 November 2014 A foreign national resident outside India cannot buy immovable property in India.
However, foreign nationals who are resident in India (and who are not citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, or Bhutan) can purchase immovable property in India without any special approval from the RBI. However such buyers should check with their lawyers before buying any property as they might require approvals from other authorities such as the State Government, etc.
To be considered a resident of India under FEMA, a foreign national would have to satisfy two conditions: He/she must be residing in India for more than 182 days during the preceding financial year, and His/her continued presence in India in the current financial year must be for the purpose of taking up employment, carrying on business or vocation in India or for any other purpose that would indicate your intention to stay in India for an uncertain period
Both conditions must necessarily be fulfilled for a foreign national to be considered a resident of India under FEMA.
Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, or Bhutan who are resident in India can only purchase immovable property in India with the prior permission of the RBI, who will consider the request in consultation with the Government of India.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 November 2014 Thanks sir.....................

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