Frequently asked questions
A citizen of India who stays abroad for employment or for carrying out any business for an uncertain period of time is considered as a non-resident. People who are posted in U.N. organizations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also considered as non-residents. Non-resident foreign citizens of Indian Origin are treated on par with NRI's and are offered the same facilities.
OCB (Overseas Corporate Bodies) are the bodies that are mainly owned by the individuals of Indian nationality or origin resident outside India. OCB /includes all the overseas companies, trusts, partnership firms, societies and corporate bodies which are indirectly or directly owed by at least 60% of individuals of Indian nationality or origin resident outside India. However, the ownership interest should be actually held by them and not by the nominees.
Various facilities offered to the NRI's are as follows:
They can maintain their bank accounts in India
They are allowed to invest in securities/shares/deposits of Indian companies and firms
They are allowed to invest in immovable properties in India
NRI's are not required to take any permission of RBI while acquiring any residential and commercial property in India
Reserve Bank of India has given permission to the foreign citizens of Indian origin to purchase immovable property in India for their residential use. Hence, they do not need to acquire any permission.
While purchasing a residential immovable property in India, the foreign citizens of Indian origin are required to file a declaration in form IPI 7 with Central Office of Reserve Bank at Mumbai within 90 days from the date of purchase of that immovable property.
They can also submit a final payment of purchase consideration along with a certified copy of document which is an evidence of transaction and the bank certificate of the consideration paid.
Can the foreign citizens of Indian origin sale property without the permission of rbi (Reserve Bank of India)?Reserve Bank of India has give permission to foreign citizens of Indian origin to sale a property. However, wherever the property is purchased by them, the funds towards the purchase consideration should be either remitted to India or the paid out of balances in NRE/FCNR accounts.
Reserve Bank of India has given permission to foreign citizens of Indian origin to acquire or dispose of a residential property by way of gift from or to any relative who is a citizen of India or a person of Indian origin (in case he is not the citizen of India) subject to compliance with applicable tax laws.
Reserve Bank of India has given permission to foreign citizens to acquire commercial properties in India other than agricultural land/farmhouse/ plantation property.
Reserve Bank of India has given permission to rent out any immovable residential/commercial property in India. However, the rental income or proceeds of any investment of such income are eligible for repatriation.
Reserve Bank of India has given permission to the Indian companies or firms to grant housing loans to the NRI's. However, there are certain terms and conditions that are needed to be met.
In Karnataka, you can pay the stamp duty through:
Impressed stamps from licensed stamp vendors
By making payment through DD/pay order issued by a nationalized bank or scheduled bank or challan
Writing on a plain piece of paper and paying the stamp duty through DD/pay order issued by a nationalized bank or scheduled bank or challan within two months from the date of execution and getting it certified from the jurisdictional District Registrar or Sub Registrar.
According to the law in Karnataka, you should pay the stamp duty before or on the date of executing a document. You can note down the document on a plain piece of paper and pay the stamp duty through DD/pay order issued by a nationalized bank or scheduled bank or challan within two months from the date of execution. You will have to get it certified from the Sub Registrar or jurisdictional District Registrar.
It is compulsory to pay the stamp duty within three months from the date of receipt in India. You will be required to produce the document before the District Registrar and he will certify the payment.
Note the document on a plain paper or a Rs.2. Document Sheet. You can pay the stamp duty at any authorized bank or at the jurisdictional Sub-Registrar Office.