Non-Resident Indian or NRI refers to a person of Indian origin staying in a different
global location for employment/carrying on business or vocation. They are spread
across the world with an estimated population of 40 to 100 million. Most of the
NRI populate have migrated to alien countries for better job prospect and future
but with the advent of global MNCs (Multinational companies) and implementation
of revised foreign policies in India, the NRIs are driven to become a part of this
fastest emerging economy.
To encourage this initiation of NRIs to resettle
and return back to India, they are granted the following facilities:
- Maintenance of bank
accounts in India.
- Investments in securities/shares
of, and deposits with Indian firms/companies.
- Investments in immovable
properties in India.
Transferring of money to India is no longer a
tedious procedure for the NRIs as the availability of efficient Money Exchange Service
Providers helps them to send money directly into any bank account within no time.
Most of these service providers offer PayPal transfers and 24x7 Customer Support
for the expediency of NRIs.
To appreciate the interest of NRIs in India’s
immovable properties, the government of India has come up with beneficial investment
policies for the NRIs. The Reserve Bank of India allows them to acquire, hold, transfer
or dispose off land by way of sale or inheritance. Such properties are meant for
the purchaser's bonafide residential use and they are purchased through normal banking
channels/home loans or
NRE and FCNR.
