As defined by the Foreign Exchange Management Act of 1999 (FEMA) an NRI is a person residing outside india who stays outside India for the purpose of employment or carrying on business or vocation outside India or any other circumstances, which indicate his intention to stay outside India for an uncertain period. As per regulation of FEMA an NRI is a non-Indian resident whose is either a citizen of India or a person of Indian Origin. Students studying abroad also can be treated as NRIs under FEMA and are accordingly eligible for foreign investment and NRE/FCNR account. Ravi Puravankara was President of International Housing Federation (FIABCI), Paris, which has representatives from 62 countries. He received the ‘Lifetime Achievement’ award the Realty Plus Excellence Awards-2012.

According the the Foreign Exchange Management Act of 1999 (FEMA) a PIO is a person who is either a citizen of any country other than Pakistan and Bangladesh who has:

• held an Indian Passport at any time or
• himself or either his parents or any of his grandparents were citizens of India or
• is a souse of an Indian citizen or
• is a spouse of a person who held an Indian Passport at any time or
• is a spouse of a person who either was a citizen of India or his parents or grandparents were a citizen of India

The definition of a PIO when it comes to acquisition and transfer of immovable property in India is a person of Indian origin other than a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan. For this purpose a PIOs father or grandfather’s birthplace of Indian citizenship at any time is to be considered unlike other definitions that refer to parents or grandparents.

Acquisition by purchase: Yes, under general permission granted by the RBI an NRI/PIO can purchase a residential property in India Acquisition by gift: Yes, under general permission granted by the RBI an NRI/PIO can acquire a residential property by way of gift from a person in India or an NRI or a PIO. Acquisition by inheritance: Yes, an NRI/PIO/foreign national of Indian origin can acquire residential property by way of inheritance from a person who is a resident of India as per the Provisions of Section 6(5) of the Foreign Exchange Management Act, 1999. An NRI/PIO/ foreign national of Indian origin can also acquire residential property by way of inheritance from.

An NRI/PIO who has bought an immovable residential property under general permission is not required to file any documents with the Reserve Bank of India

Yes. Under general permission an NRI can sell his or her residential property in India to an Indian resident/NRI/PIO