I am an OCI holder and I am residing in India for the past year. I want to buy a residential property in India. I want to know:
a) Is there any restriction on what funds I use to buy this property? I came across some FEMA rules that say:
A person of Indian origin resident outside India may acquire any immovable property other than agricultural land/farm house/ plantation property in India by purchase, from out of (i) funds received in India by way of inward remittance from any place outside India or (ii) funds held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank under the Act;
But does this apply to an OCI resident in India as well??
Thanks in advance!