4. NRI : An NRI is an Indian citizen residing outside India. PIO : A citizen of another country is a PIO (person of Indian origin) if he has held an Indian passport at any time or if he, his father or his grandfather has been a citizen of India.
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7. Acquisition by way of Purchase The Reserve Bank of India (RBI) has permitted the following categories of NRIs/PIOs to acquire 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., (Non Resident External (NR(E)), Foreign Currency Non Resident Account (FCNR(B)) or Ordinary Non Resident Rupee Account a/c (NRO) in connection with acquisition of Immovable Property in India: i. A Non Resident who is a citizen of India. ii. A Non Resident who is a Person of Indian Origin (PIO). iii. A Non Resident who has established in India a branch office or other place of business (excluding a liaison) office. There are no restrictions on the number of residential/commercial properties that can be purchased.
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10. Foreign Nationals of Non-Indian Origin Resident Outside India Resident in India Residential Status They do not meet the criterion of having resided in India for 182 days or more. They meet the criterion of having stayed in India for a period of 182 days of more. They may also be referred to as Persons Not Permanently Residents. Acquisition of property in India Cannot purchase any Immovable Property in India. Cannot be added as a second holder to a property purchased by an NRI/PIO. Can purchase Immovable Property after obtaining the necessary approvals and fulfillment of requirements, if any, prescribed by the concerned State Governments. Reserve Bank of India (RBI) Conditions Can take up residential accommodation on lease, provided the period of the lease does not exceed five years. In such cases, there is no requirement of taking any approval from the Reserve Bank of India. Prior approval of RBI necessary for citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan, in addition to State-specific approvals. Such requests are considered by the Reserve Bank of India in consultation with the Central Government. Prior approval of RBI not necessary for citizens of countries other than those mentioned above.
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