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Rbi guidelines

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 June 2013 Dear Sir/Madam

Can you please tell me what are all the procedures to purchase residential property outside India.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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04 June 2013 Amount not exceeding USD one million, per calendar year subject to production of documentary evidence in support of inheritance and Tax clearance certificate/no objection certificate from Income Tax authority to authorized dealer for remittances. However, if a PIO is a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran he should seek prior approval of Reserve Bank with documentary evidence in support of inheritance and tax clearance/no objection certificate from Income Tax authority. This remittance facility is not available to a citizen of Nepal or Bhutan. (Please refer to Regulation 4 (3) to Notification No. FEMA 13/RB-2000 dated 3rd May 2000)

please read:

https://www.rbi.org.in/scripts/faqview.aspx?id=33

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