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Acquisition
of property
A
person of Indian origin resident
outside India does not require any permission to acquire
any immovable property other than agricultural land
/ farmhouse / plantation property in India for
purchase, from out of funds which are,
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Received
in India by way of inward
remittance through banking channel
from any place outside India, or
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Held
in any non-resident account maintained in accordance
with the provisions of the Act and the regulations made
by the Reserve Bank under the Act.
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Housing
loans are given to NRIs
Banks and Housing Finance institutions
provide housing finance to NRI's or persons
of Indian Origin (PIO), for acquiring property in India.
Repatriation
Of Sale Proceeds In Some Cases
Repatriation outside India, including credit
to RFC, NRE or FCNR account, of
sale proceeds of any immovable property situated in
India, do not require prior permission of the Reserve
Bank where, the sale is of immovable property
other than agricultural land/farm house/plantation
property in India by a person
resident outside India, who is a NIR.
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The
immovable property was acquired
by the seller in accordance with the provisions of
the Exchange Control Rules/Regulations/ Law in force
at the time of acquisition,
or the provisions of the Regulations framed under the Foreign
Exchange Management Act, 1999.
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The
sale takes place after three years
from the date of acquisition of
such immovable property or from
the date of payment of final installment of
consideration for its acquisition, whichever is later
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The
amount to be repatriated does not
exceed (a) the amount paid for acquisition
of the immovable property in foreign
exchange received through normal banking channels
or out of funds held in foreign currency non-resident
account or (b) the foreign currency equivalent, as on the
date of payment, of the amount paid where such payment
was made from the funds held in non-resident external
account for acquisition of the property; and
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In
the case of residential property,
the repatriation of sale proceeds is restricted to
not more than two such properties.
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