Mode of payment for NRI/PIO property purchase: only inward remittance or non resident account funds permitted. The Mode of Payment for acquisition of immovable property by Indian citizens resident outside India and Persons of Indian Origin is limited to funds received in India through normal banking channels by inward remittance from abroad, or funds held in any non-resident account maintained under FEMA and RBI regulations; payments by traveller's cheques, foreign currency notes or other modes are not permitted.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Mode of payment for NRI/PIO property purchase: only inward remittance or non resident account funds permitted.
The Mode of Payment for acquisition of immovable property by Indian citizens resident outside India and Persons of Indian Origin is limited to funds received in India through normal banking channels by inward remittance from abroad, or funds held in any non-resident account maintained under FEMA and RBI regulations; payments by traveller's cheques, foreign currency notes or other modes are not permitted.
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