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We put together some gathered information that may be of use to NRIs. Please do your due diligence since we claim no responsibility for any consequence arising out of using this information. This information is put together from Reserve Bank of IndiaReserve Bank of India.
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1. Which Address Should We Use & Can we repatriate our investments? At the time of registration, your presence or presence of some one you nominate is required. We also need to provide with an address proof doc (e.g., driving license or passport). If you intend to remit the investment (not profit), you have to show your foreign address. PLEASE GO THROUGH THE INVESTMENT ROUTING PART BELOW. SALE PROCEEDS (INVESTMENT ONLY AND NOT THE PROFIT) CAN BE REPATRIATED. YOU HAVE TO REMIT FUNDS THROUGH Foreign Exchange Inward Remittance from abroad. Rules for Acquisition & Transfer by Foreign Citizen NRIs 1. Purchase / Acquisition : There is a general permission to acquire any immovable property (other than agricultural land, plantation or farm-house property) by way of purchase, provided the payment is made out of foreign exchange inward remittance or any Non Resident bank account in India, i.e.NR(E),FCNR(B) or NRO a/c.. 2. Acquisition by way of Gift : General permission is granted to acquire any immovable property (other than agricultural land, plantation or farmhouse property) by way of gift from a person (donor) who is

01. a person resident in India, or 02. a person resident outside India (an NRI )who is Indian citizen or foreign citizen of Indian origin. 3. Acquisition by way of inheritance : General permission is granted for inheritance of immovable property including agricultural land, plantation or farm-house property from 01. a person resident in India, or 02. person resident outside India who may be an Indian citizen or foreign citizen of Indian origin provided such person had acquired said property in accordance with the provisions of Foreign Exchange Law in force at the time of acquisition. i.e. FERA, 1973 or FEMA 1999.

Hence Agricultural land, plantation or farmhouse property can be acquired by way of inheritance only. 4. Transfer / Sale : General permission is granted for sale of any immovable property (other than agricultural land, plantation or farmhouse property) to a person who is resident in India. 5. Transfer of residential or commercial property by way of gift:

General permission is granted to gift residential or commercial property to 01. a person resident in India, or 02. a person resident outside India who may be an Indian citizen or foreign citizen of Indian origin, 6. Transfer of agricultural land, plantation or farmhouse property by sale/ gift: General permission is granted to sell or gift such property to a person who is resident in India and also an Indian citizen. [ Regulation 4 of F.E.M. (Acquisition and transfer of Immovable Property in India) Regulations, 2000.]3 Mode of Payment 1 The payment for purchase of immovable properties is required to be made from NRI's bank account, being: 01 Non Resident External Account (NRE); 02 Foreign Currency Non Resident (B) Account (FCNR)(B),or 03 Non Resident Ordinary Account (NRO), or IForeign Exchange nward Remittance from abroad. 2 It is advisable to retain records of payment made i.e. bankers certificate. 3 All incidental expenses such as stamp duty,

registration fees etc. should also be paid through bank only. Repatriation of Sale proceeds 1 An NRI being an Indian citizen or a foreign citizen of Indian origin, is allowed to repatriate the sale proceeds of an immovable property subject to the following conditions : 01 the acquisition should be in accordance with the existing Foreign Exchange Laws (i.e. FERA, 73 or FEMA 99). 02 the purchase price was met out of Foreign Exchange Inward Remittance or NRE / FCNR (B ) account, and 03 in case of residential properties, repatriation is restricted to a maximum of two properties. It may be noted that the eligibility criteria of holding period of 3 years for repatriation is removed w.e.f. 29-06-02.[ vide notification no FEMA 65/2002 RB dated 29-06-02.]4 2 It may be noted that there are no restrictions as re: repatriation of sale proceeds vis-a-vis number of commercial or industrial properties. 3 The amount of repatriation is restricted to foreign exchange equivalent of the purchase price i.e. profits / gains are not allowed to be repatriated.