Now
let us see the pattern of ownership which is prevailing in India. The first pattern is
direct ownership namely acquisition of free hold land with or without building on the
same. The second is indirect ownership i.e. acquisition of ready plots or premises in a
Housing Co operative society or even Premises Society or even Condominiums. One may
certainly ask who is a Non Resident Indian.
Let me make this clear. An Indian citizen who stays abroad for employment and carries on
business or on vacation outside India or stays abroad under circumstances which raises the
resumption for an uncertain duration of staying abroad is a non resident. It is
interesting to note that even persons posted in U.N. Organisations and officers deputed by
Central or State Governments and bank sector undertakings even on temporary assignments
are treated as Non Residents. A Non Resident Foreign Citizen of Indian origin is treated
on par with Non Resident Indian Citizen. It is further interesting to note that foreign
citizen other than a citizen of Pakistan or Bangladesh is deemed to be of Indian origin if
he had at any time held an Indian passport or he or either of his parents or grand parents
were citizens of India. A Foreign citizen other than a citizen of Pakistan, Bangladesh,
Afghanistan, Bhutan, Srilanka or Nepal is deemed to be of Indian origin if he held an
Indian passport at any time or he or his father or paternal grand father was a citizen by
virtue of the constitution of India or Citizens Act 1955.
One has to carefully note that banks especially authorised by the Reserve Bank of India
can only maintain the accounts in the names of NRI's Every Bank has no such right. However
I must state that certain Co operative Banks have been specifically permitted to maintain
the accounts of NRI's in rupees even though they are not authorised dealers. An NRI has a
right to maintain an NRI account in rupees as well as in foreign currency. The NRI's are
allowed to bring with them $ 10,000 of foreign currency provided the same is declared to
the Customs in the Currency Declaration Form.
Since prices of property have come down this is a golden opportunity for NRI's as also
citizens of foreign countries to invest in a big way in India as they are likely to reap a
very good harvest in this market in the coming years.
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