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Non Resident Indian (NRI) is a citizen of Indian, who remains overseas for employment/carrying on business or profession outside Indian or remains overseas under circumstances showing an intention for an uncertain duration of stay overseas is a non-resident. Non-resident foreign citizens of Indian Origin are treated at par with Non Resident Indian (NRIs).
PIO stands for Person of Indian Origin. Person of Indian Origin (PIO) (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who –
- At any time, held Indian passport, or
- Whose father or whose grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
OCI stands for Overseas Citizen of India.
Any person of full age and capacity –
- Who is a citizen of a different country, but was a citizen of India at the time of, or at any time after, the beginning of the constitution, or
- Who is a citizen of another country, but was qualified to become a citizen of India at the time of the commencement of the constitution, or
- Who is a citizen of another country, but belongs to an area that became part of India after the 15th Day of August, 1947.
- Who is a child of such a citizen;
A person, who is minor child of a person mentioned in previous clause
Provided that no person, who is or had been a citizen of Pakistan, Bangladesh shall be capable for signing up as an Overseas Citizen of India.
Under the standard permission granted by RBI, the following categories can freely buy immovable property in India –
- Non-Resident Indian (NRI) – that is a citizen of India living outside India.
- Person of Indian Origin (PIO) – that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who at any time, kept an Indian passport.
- Indian citizens abroad for any other purpose in the situations indicating a definite intention to stay outside India for an indefinite period.
- Whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
The general permission, however, covers only purchase of residential and commercial property and not for purchase of agricultural land/plantation property/farm house in India.
OCI can buy immovable property in India except agricultural land/plantation property/farmhouse.
Since basic permission is not available to NRI/PIO to obtain agricultural/plantation property/farm house in India, such proposals will require specific agreement of the Reserve Bank and the proposals are considered in consultation with the Government of India.