Elixir || NRI

Find that faith, that belief and that reliability with elixir and strengthen that thread which holds everything together
Have you ever wondered what holds the life together, what connects your life with the lives of the ones whom you are so fond of?
It is the thread of faith, belief and reliability that fastens the beautiful moments of our lives together.
Embedded in the thread is the happiness that we so dearly look for, which we find in the eyes of our loved ones.

1) Meaning of NRI under the provisions of Foreign Exchange Management Act (FEMA).
An Indian Citizen who is not resident in India for a period over 182 days is a non-resident Indian (NRI). Persons posted in U.N. organizations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-residents (NRI).
2) Permission of The Reserve Bank of India to acquire residential/commercial
property in India.
Not required.
3) Purchase consideration manner for residential immovable property be paid by NRI under the general permission.
The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR/NRO accounts maintained with banks in India.
4) Sale of his/her property By NRI in India without the permission of Reserve Bank.
Reserve Bank has granted general permission for sale of NRI properties. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.
5) Conditions required to be fulfilled if repatriation of sale proceeds from NRI properties in India is desired.
Applications for repatriation of sale proceeds of property in India are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final instalment of consideration amount on the NRI property, whichever is later.
6) Procedure for seeking repatriation as mentioned in S.No.5)
Applications for necessary permission for remittance of sale proceeds from NRI Real Estate in India should be made in form IPI 8 to the Central Office of The Reserve Bank at Mumbai within 90 days of the sale of the property and the same can be made through the designated banking channels.
7) Procedure for acquiring or disposing residential property by way of gift by any NRI.
Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not.
8) Gifting of immoveable NRI property held in India to relatives/registered charitable trusts/organizations in India by transfer.
General permission has been granted by Reserve Bank to non-resident persons (foreign citizen) of Indian Origin (PIOs) to transfer, by way of gift, immoveable property held by them in India to relatives and charitable trusts / organizations subject to the condition that the provisions of all other laws, as applicable are complied with.
9) Acquiring commercial properties in India by NRI.
Under the general permission granted by The Reserve Bank, property other than agricultural land/farm house/plantation property can be acquired by NRIs provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration. Payments can also be made by from NRO account in which case the investment will remain on Non – Repatriation basis.
10) Permission of letting out space if not required for immediate use by NRI.
Reserve Bank has granted general permission for letting out any immovable properties in India. The rental income or proceeds of any investment of such in-come are eligible for repatriation subject to payment of local income tax.
11) Grant of loans by Indian Companies to their NRI staff.
Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passport subject to certain conditions. (Source: Reserve Bank of India)
12) Loans for NRIs for acquisition of a house/flat for residential purpose from financial institutions providing housing finance by Indian Companies.
The Reserve Bank has granted some general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc, and authorized dealers to grant housing loans to NRI nationals for acquisition of a NRI house/flat for self-occupation subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors' NRE/FCNR/NRO accounts.
13) Repatriation of funds held in an NRO account.
Authorized Dealers can allow remittance/s up to USD 1 million per financial year (April-March) for bonafide purposes, from balances in NRO accounts subject to payment of applicable taxes. The limit of USD 1 million per financial year includes sale proceeds of immovable properties held by NRIs/PIO.