Can shares/debentures be given away as gifts
to relatives?
Yes. Reserve Bank has granted general permission to NRIs to transfer, by way of
gift, shares, bonds and debentures of Indian companies held by them with Reserve Bank's
general/special permission to their resident close relative/s.
Can
rupee securities, shares, bonds, debentures be transferred by way of gift to registered
charitable trusts/organisations?
Yes. General permission has been granted by Reserve Bank to NRIs to transfer by way
of gift any rupee security, share, bond or a debenture of a company registered in India
held by them to a registered charitable trust/organisation subject to the condition that
provisions of any other laws, as applicable, including Foreign Contribution (Regulation)
Act, 1976 are duly complied with.
Do
non-resident Indian citizens require permission of Reserve Bank to acquire
residential/commercial property in India?
No.
Do
foreign citizens of Indian origin require permission of Reserve Bank to purchase immovable
property in India for their residential use?
Reserve Bank has granted general permission to foreign citizens of Indian origin,
whether resident in India or abroad, to purchase immovable property in India for their
bona fide residential purpose. They are, therefore, not required to obtain permission of
Reserve Bank.
In what manner the purchase consideration for the residential immovable
property should be paid by foreign citizens of Indian origin under the general permission?
The purchase consideration should be met either out of inward remittances in
foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts
maintained with banks in India.
What are the formalities required to be completed by foreign citizens of
Indian origin for purchasing residential immovable property in India under the general
permission?
They are required to file a declaration in form IPI 7 with the Central Office of
Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable
property or final payment of purchase consideration alongwith a certified copy of the
document evidencing the transaction and bank certificate regarding the consideration paid.
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