The Reserve Bank of India (RBI) Guidelines are specific to Investment in Immovable Property for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs).
PLEASE NOTE
The below-stated information has been taken from the FAQs section of the RBI, which was last updated on April 01, 2016. 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.
In terms of the Foreign Exchange Management Act (FEMA), 1999 a person resident outside India means a person who is not resident in India.
If a person is an NRI or PIO, she/he can, without permission from the RBI, open, hold and maintain the different types of accounts given below with an Authorized Dealer in India, i.e. a bank authorized 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 from the Reserve Bank.
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