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Who is Non-Resident Indian (NRI)?

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Old 05-28-2013, 04:50 AM
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Default Who is Non-Resident Indian (NRI)?

An Indian Citizen who stays in foreign for employment/carrying on business or vocation outside India or stays in foreign under circumstances indicating an intention for an uncertain duration of stay in foreign is a non-resident. Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizen (NRIs).

Can NRIs make investment in India?
Investments by NRIs are allowed, through the RBI route and also through the Government route, i.e., through the Foreign Investment Promotion Board (FIPB). NRIs are permitted to invest up to 100% equity in real estate development activity and civil aviation sectors. Investment, made by the NRIs, are fully repatriable, except in the case of real estate, which has a 3 year lock-in period on original investment and, 16% cap on dividend repatriation. For those proposals that do not qualify under the automatic route, Government approval is granted through FIPB.

Is there any limit to number of investments in obtaining commercial properties in India?
No, as far as quantity of NRI investment is concerned in real estate in India there is no limit on the number of investments can be made in commercial properties in India.
 

Last edited by ajshco; 11-10-2014 at 04:45 AM.
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