NRI Corner --- Faq

A Non Resident Indian (NRI) as per India’s Foreign Exchange Management Act 1999 (FEMA), is an Indian citizen or Foreign National of Indian Origin resident outside India for purposes of employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period. An individual will also be considered NRI if his stay in India is less than 182 days during the preceding financial year.
A person who is not a citizen of India is deemed to be of Indian origin if he is not a citizen of Pakistan or Bangladesh and if • he at any time held an Indian passport; or • he or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or Citizenship Act, 1955. A spouse (not being a citizen of Pakistan or Bangladesh) of an Indian citizen or of a Person of Indian Origin is also treated as a Person of Indian Origin for the purpose of NRI deposits if the accounts are held jointly with the NRI/PIO spouse. PIOs are extended the same facilities for bank account maintenance in India as NRIs and are also, for such purposes, called by the generic name as NRIs.

Under the general permission available, the following categories can purchase immovable property in India:

Non-Resident Indian (NRI)

Person of Indian Origin (PIO)

The general permission, however, covers only purchase of residential and commercial property and is not available for purchase of agricultural land / plantation property / farm house in India.

Since general permission is not available to NRI/PIO to acquire agricultural land/plantation property/farm house in India, such proposals will require specific approval of Reserve Bank and the proposals are considered in consultation with the Government of India

A Power Of Attorney (POA) or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter, sometimes against the wishes of the other. The person authorizing the other to act is the principal, grantor, or donor (of the power).

A Power Of Attorney is not an instrument of transfer in regard to any right, title or interest in an immovable property.

A Power Of Attorney, or letter of attorney, is a document that authorizes another person, known as the agent or attorney-in-fact—usually a legally competent relative or close friend over 18 years old—to handle any combination of financial, legal and health care decisions. A power of attorney is also referred to as a POA. Generally, one chooses a POA as a provision if he or she becomes incapacitated.

Types of Power of Attorney:

A Power Of Attorney (POA) is an instrument that is used by people to confer authority on somebody else to legally act on their behalf.

POA are of two types:

Special Power of Attorney (SPA), while an SPA is used for transfer of a specific right to the person on whom it is conferred.

General Power of Attorney (GPA), the GPA authorizes the holder to do whatever is necessary.

There is no sale clause of immovable property mentioned in POA (notarized).

Registered POA from registration office allows sale clause and POA to any one Following are the important things to be kept in mind while executing the POA.

Customer Prepares POA as per defined format.

Executant has to paste his/her photograph along with signature on each page.

Authenticate/adjudicate the POA from Indian Embassy or local authority.

Send authenticated/adjudicated POA in India.

In India, the POA holder has to paste his/her photograph along with his/her left hand thumb impression and signature.

Then this document will have to be stamped for Rs. 500/- (ESBTR, Franking, Stamp paper) and notarized from a Registered Notary. Please ensure that a stamp of “Before Me” is affixed on the document.

POA holder and executants Photo ID attach before Notary.

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