Tiya Saini, Symbiosis Law School, NOIDA
ABSTRACT
“Non-resident Indians (NRIs) & Persons of Indian Origin (PIOs)” have seen a major growth in opportunities for investment in India in recent years, thanks to reduced rules under the “Foreign Exchange Management Act of 1999”. This study explores the historical development of the “Foreign Exchange Regulation Act of 1973 (FERA)” to FEMA, focussing on how these changes have affected NRIs and PIOs' purchase & transfer of immovable property. Key sections of FEMA, such as the approvals issued by the Reserve Bank of India (RBI) for property transactions & the distinction between current & capital account transactions, are also examined. This study also looks at specific rules for NRIs, PIOs, foreign embassies, diplomats, & foreign nationals, concentrating on what kind of properties they can buy & also the payment methods allowed. Furthermore, it analyses repatriation limits on sale profits according on the source of money & gives insight into current legal rulings affecting property transfers. Understanding these policies & implications allows NRIs and PIOs to better navigate the Indian market, therefore guaranteeing legal compliance & maximising investment prospects.
Keywords: Non-Resident Indians, FEMA, Approvals, Repatriation of Sales
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