~ NRI Corner
Welcome to India
Why Invest in India?
India is set to remain as one of the world’s fastest growing economies. There’s never been a better time to invest in real estate in India. Let us help you throughout the pre-and-post purchase processes.
Frequently Asked Questions
Please reach us at info@jbmrgroup.co.in if you cannot find an answer to your question.
Section 2(v) of FEMA, 1999 has given definition of "Person resident in India" and from the definition one has to conclude whether he or she is Non-Resident India or not. Following is the definition of Person resident in India.
- A person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include -
- A person who has gone out of India or who stays outside India, in either case
- For or on taking up employment outside India
- For carrying on outside India a business or vocation outside India
- For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period
- A person who has come to or stay in India, in either case, otherwise than
- For or on taking up employment in India
- For carrying on in India a business or vocation in India
- For any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period
- A person who has gone out of India or who stays outside India, in either case
- Any person or body corporate registered or incorporated in India
- An office, branch or agency in India owned or controlled by a person resident outside India
- An office, branch or agency outside India owned or controlled by a person resident in India Explanation - Section 2(u) clarifies that a person includes -
- An individual
- A Hindu undivided family
- A company
- A firm
- An association of persons or a body of individuals, whether incorporated or not
- Every artificial juridical person, not falling within any of the preceding sub-clauses
- Any agency, office or branch owned or controlled by such person.
FEMA 1999 has not given definition of Person of India Origin. However, Reserve Bank of India in its various FEMA Notifications issued under FEMA, 1999 has defined a Person of India Origin as under:
- For the purpose of opening non-resident bank accounts in India Person of India Origin means a citizen of any country other than that of Bangladesh or Pakistan, if -
- He at any time held India passport
- He or either of his parents or any of his grand parents was a citizen of India by virtue of the Constitution of India of the Citizenship Act, 1955 (57 of 1955)
- The person is a spouse of an India citizen or a person referred to in sub-clause (a) or (b) above
- For the purpose of investing in shares/debentures etc. in India Person of Indian Origin means a citizen of any country other than that of Bangladesh or Pakistan if-
- He at any time held India passport
- He or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India of the Citizenship Act, 1955 (57 of 1955)
- The person is a spouse of an India citizen or a person referred to in sub-clause (a) or (b) above
- For the purpose of acquiring immovable property in India Person of Indian Origin means a citizen of an country other than that of Bangladesh or Pakistan or Sri Lanka or Afghanistan or China or Hong Kong or Macau or Iran or Nepal and Bhutan if-
- He at any time held India passport
- He or whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India of the Citizenship Act. 1955 (57 of 1955)
- For the purpose of establishing a branch or office in India Person of Indian Origin means a citizen of any country other than that of Bangladesh or Pakistan or Sri Lanka or Afghanistan or China or Iran of Hong Kong or Macau if -
- At any time held India passport
- He or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India of the Citizenship Act. 1955 (57 of 1955)
- The person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b) above
- For the purpose of acquiring PIO Card Person of Indian Origin means a citizen of any country other than that of Bangladesh or Pakistan, if -
- He at any time held an India Passport
- He/she or either of his/her parents or grandparents or great grandparents was born in India and permanently resident in India as defined in the Government of India Act, 1935 and other territories that became part of India thereafter provided neither was at any time a citizen of any country as may be specified by Central Government from time to time
- Who is a spouse of a citizen of India or a Person of Indian Origin as mentioned above.
Yes. Reserve Bank has accorded general permission to purchase only a residential/commercial property in India to a person resident outside India who is a citizen of India (NRI) and who is a Person of India Origin (PIO).
No.
There is no restriction on number of residential/commercial property that NRI/PIO can purchase under the general permission available.
No.
No.
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