Welcome to our NRI Corner, a dedicated space designed to cater to the unique needs and interests of Non-Resident Indians. As a non-resident Indian, navigating financial, legal, and cultural aspects can be challenging. Our NRI Corner is here to simplify this journey for you. Explore comprehensive information on maintaining NRI status, managing finances, and making informed investment decisions. Gain insights into legal rights, immigration processes, and real estate considerations tailored to your situation. Whether you are a student pursuing education abroad, a professional seeking international career opportunities, or an expatriate looking for healthcare solutions, our NRI Corner provides valuable guidance. Stay connected with the Indian diaspora through cultural events, festivals, and community initiatives featured in our space. Discover success stories of fellow NRIs who have excelled in diverse fields. Have questions? Check our Frequently Asked Questions section for detailed answers or connect with us for personalized assistance. The NRI Corner is not just a resource; it's a community hub designed to empower and support you throughout your journey as a Non-Resident Indian.
According to the Foreign Exchange Management Act (FEMA) of 1999, an Indian Citizen who stays abroad for employment/business or stays outside the country for an indefinite period of time is considered to be an NRI. (Persons Posted in U.N. organizations and official deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as nonresidents). Non-resident foreign citizens of Indian Origin are treated on par with non- resident Indian citizen (NRIs).
A Person of Indian Origin (PIO) is whose ancestors were born in India and he/she has an Indian ancestry but not an Indian citizenship. As per the FEMA of 1999, a person of Indian origin can avail bank accounts, invest in shares and securities in India. So, he or she Has had Indian Passport at any time Himself/herself, parents or grandparents were Indian citizens (of the Constitution of India or Citizenship Act, 1955 (57 of 1955).
Is a spouse of an Indian citizen or a person who held an Indian Passport at any time Is a spouse of a person who either was a citizen of India or his parents or grandparents were a citizen of India.
Yes, in the past few years, the government of India has adopted a new stand regarding the foreign direct investment (FDI) policies which has encouraged other countries to invest in Indian properties. The country has attracted three times the foreign investment in the past few years towards real estate due to rapid growth in the commercial, residential and retail sectors of India in metro cities like Hyderabad, Mumbai, Delhi, NCR, Bangalore and Chennai.
As an NRI you can easily sell your property in India to an Indian resident/NRI/PIO. Although, as a PIO you can only sell your residential property in India to an Indian citizen. In accordance to RBI guidelines NRI/PIO can also transfer the property as a gift to an Indian resident/NRI/PIO.
Repatriation outside India means buying or drawing of foreign exchange from an authorised dealer in India and remitting it outside India through normal banking channels or crediting it to an account denominated in foreign currency or to an account in Indian currency maintained with an authorised dealer from which it can be converted in foreign currency.
NRIs/PIOs are eligible to repatriate sale proceeds outside India, provided that the proceeds are equivalent to the original investment. In the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties, as well as commercial property after 3 years of acquisition (i.e. possession) or payment of last instalment, whichever is later , provided the investment is out of direct remittance or NRE/FCNR account. Form IPI-8 is to be submitted to RBI within 90 days of sale of the property.
Foreigners are not eligible to repatriate sale proceeds outside India.