Some advice to non-resident Indians – PART 1

An advice to non resident Indians Part 1

Any NRI can legally buy a home, commercial building or land approved by the Government in India, but they can’t purchase any agricultural land or farm house. If the NRI or PIO person isn’t able to come to India personally, he can use the power of attorney. The NRI must sign the power of attorney before a consulate officer or a notary in the country where he is currently living. It will then be sent to India for validation. Within 90 days of the purchase, the buyer must fill the IPI 7 form and send a copy of all the documents related to the property and its financial transactions to the RBI. The transaction will be confirmed once the RBI acknowledges the receipt.

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