If you are looking to invest in property in India you are on the right place.
Welcome to Hiland Realty Private Limited – Located in Bengaluru whose elevation and consistancy in Realeastate Industry is said to be highest in India.
Here, you'll find the perfect Residential Properties to cater to your specific needs, in terms of location, type of development and budget.
We've created this section on our website especially for you, in order to answer every question that you may have pertaining to property investment in India.
An Indian Citizen who stays abroad for employment/ carrying on business or vacation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organizations and officials deputed abroad by Central/ State Government and Public Sector Undertakings on temporary assignments are also treated as non-resident) Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens.
Reserve Bank of India (RBI) Guidelines specific to Investment in Immovable Property for Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
NOTE: The below stated information has been taken from the FAQs section of the RBI, which was last updated on the September 19, 2014. We aim to keep updating this section with relevant information from time to time, however to ensure you have the latest information, you may also visit - rbi.org.
In terms of the Foreign Exchange Management Act (FEMA), 1999 a person resident outside India means a person who is not resident in India.
What are the different types of accounts which can be maintained by an NRI 1/ PIO2 in India?
If a person is an NRI or PIO, she/he can, without the permission from the RBI, open, hold and maintain the different types of accounts given below with an Authorised Dealer in India, i.e. a bank authorised to deal in foreign exchange.NRO Savings Accounts can also be maintained with the Post Offices in India. However, individuals/ entities of Bangladesh and Pakistan require prior approval of the Reserve Bank.
Types of accounts which can be maintained by an NRI/PIO in India are as under:
A. Non-Resident Ordinary Rupee Account (NRO Account)
Any person resident outside India may open an NRO Account with an authorised dealer or an authorised bank for the purpose of putting through bona fide transaction in rupees.
Opening of accounts by individual/entities of Pakistan and entities of Bangladesh require prior approval of the RBI.
NRO Accounts may be opened and/or maintained in the form of current, savings, recurring or fixed deposit accounts.